Treasurer announces new gift option
State Treasurer Curtis Loftis has announced a gift suggestion just in time for the holiday season — the new Future Scholar gift card.
Family and friends can purchase gift cards for the holidays or any time of year to contribute to a loved one’s Future Scholar 529 college savings account.
“Education is the ‘forever gift’ that won’t break, go out of style or get lost, and the Future Scholar gift card is the perfect way to give it,” said Loftis.
The new gift cards can be purchased online at FutureScholar.com/gifts, with four designs to choose from – holiday, new baby, birthday and graduation.
The recipient of the gift card is not required to have already opened an existing Future Scholar account.
Once the child has received the gift card, parents who haven’t already, simply open an account and deposit the gift. Gift cards are available in denominations ranging from $25 to $200.
“No matter the occasion, the gift of Future Scholar benefits both the recipient and the giver, as contributions to Future Scholar are tax deductible from a South Carolina income tax return,” Loftis added.
Future Scholar accounts can fund a variety of post-secondary educational opportunities, including associate or bachelor’s degrees, graduate school, technical college, trade school, and certification programs at eligible institutions throughout the United States and abroad.
Earnings grow tax free, and funds used for qualified educational expenses, such as tuition, room and board, textbooks, computers and printers are also withdrawn tax free.