10 Things Every South Carolina Family Should Know About College Savings

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BY STACY GARRELS

There are 10 things about college and saving for college that every South Carolina family needs to know. This infographic design is a great visual explainer of how college savings works (it’s easier than you think), and what the state of South Carolina is doing to help families.

You can click or tap on the visual below to enlarge it, and keep reading below this infographic design too where you’ll fund a written overview of how saving for college works in South Carolina.

Future Scholar 529 College Savings Plan – South Carolina College Savings Plan Infographic.

10 Things for South Carolina Families to Know About Saving for College

1. By the end of the decade, 70% of jobs will require college degrees or some form of post-secondary education.

2. $33,000 is the average student debt per borrower for the graduating college class of 2020.

3. $315K is the projected cost of a 4-year college degree at an in-state school in 2035.

4. A 529 plan offers your family a tax-advantaged way to save for college and other qualifying higher education expenses. Funds in a 529 plan can go to technical college or vocational school, college or university, trade school, study abroad programs, K-12 private school tuition, books, computers and school supplies, room and board, and even student loan debt.

5. Future Scholar 529 College Savings Plan  is South Carolina’s direct-sold college savings plan.Future Scholar 529 is open only to residents of South Carolina.

6. Future Scholar 529 College Plan Advisor-Sold is the advisor sold-version of South Carolina’s Future Scholar 529 plan. This advisor-sold plan has no residency requirements.

7. $0 is the minimum contribution to enroll in South Carolina’s direct-sold 529 plan. In other words, it’s free to join.

8. There is a $100 minimum requirement to enroll in the advisor-sold Future Scholar 529 plan.

9. $520,000 is the plan’s maximum contribution limit. Contributions may be made until the balance of all South Carolina 529 plan(s) for the same one individual reaches $520K. Funds already invested can remain in the plan(s) and continue to gain interest, but no additional funds may be contributed.

10. $18,648 is how much more you’ll save (or earn) for college by putting your savings for college in a 529 plan instead of a regular savings account at the bank.

You can also find more information in this article on South Carolina 529 plan basics, or visiting FutureScholar.com.

South Carolina 529 plan accounts are eligible to be linked to the free Upromise Rewards platform. Throughout the country, Upromise has helped U.S. families save over $1 Billion for their children’s college education. Join free and earn cash rebates and other rewards to save for child’s college. Additionally, every month 5 Upromise members win a free scholarship for $529.

*This assumes a 6% hypothetical rate of return for 529 plans compounded annually and assumes a 0.05% APY or annual interest rate for a savings account. The information in the infographic chart is for illustrative purposes. Funds invested in a 529 plan may see higher or lower rates of return than illustrated in this example.

All 529 Plans by State