The Northeast News

College Savings Tips for New Parents (Page 61)

By: Curtis Loftis

South Carolina State Treasurer

Scroll through a few TikTok stories on Parenthood or follow a Mom influencer on Instagram, and you’ll quickly learn that the challenges Millennial parents and Gen Z parents face are vastly different from those of their Gen X or Baby Boomer parents. In 2025, harsh judgements and conflicting opinions bring a new element of confusion to parenthood - while increased financial responsibilities ramp up anxiety.

As a new parent, your best way to save for your child’s college and quiet all the noise out there is to create a solid plan that works for you and your family and confidently stick with it. It’s especially smart advice when it comes to saving for your newborn’s future education.

May 29 is National 5-2-9 Day, the perfect time to take advantage of the best way to save for your child’s college – a 529 plan. And you’re sure to love that South Carolina’s Future Scholar 529 College Savings Plan is designed to make saving for higher education as painless as possible. It puts you in the driver seat with a plan that’s tax advantaged, flexible and simple to use.

Why save with a Future Scholar 529 Plan?

Tax advantaged

New parents often choose South Carolina’s Future Scholar 529 Plan because it offers two ways to let them save on taxes. First, when you make contributions to your child’s Future Scholar account, 100 percent of the amount is deductible on your South Carolina income tax return. The same goes for friends and family members who contribute. They can deduct the amount they contribute from their SC taxes, too.

And when the time comes for your child’s college, you save again. You’ll be able to simply withdraw the funds you need to pay for qualified education expenses - such as tuition, books, housing, food, computers and supplies – without paying any taxes on your earnings

Flexible

Parents also like that Future Scholar is designed to put the account owner in the driver’s seat. You choose how much you would like to contribute. You retain control of all assets, no matter who is named as account beneficiary. You’re also allowed to change the beneficiary at any time to another eligible member of the beneficiary’s family – or you can use the funds for your own education.

When the time comes for your child to move up to higher education, options abound. Your child can choose from accredited colleges, technical colleges, trade and vocational schools, universities, and professional programs all across the United States and in many foreign countries.

Simple and smart

Future Scholar helps make it simple to start saving. Beginning your college savings doesn’t require a minimum contribution. You won’t have to put aside thousands of dollars in one fell swoop, and you can add funds to your account as your family budget allows.

At this stage of parenthood, college probably seems like a distant milestone. But when it comes to saving for your child’s college expenses, time gives you the advantage.

Your small and steady contributions can make a big impact over the years because any interest your funds earn is compounded. With compounding, you can earn returns on both your original investment and on previously earned returns. Since time is on your side, opening and contributing to your newborn’s account early and regularly is one important aspect of your smart savings plan.

Now that you’re ready - tips for new parents to save for success:

If you’re a new parent who’s ready to open your Future Scholar account, consider setting up automatic transfers from your bank account. When you “set it and forget it,” you can be sure you’ve made saving for your child’s future a priority.

Mark your calendar for May 29 each year. Use National 529 Day as the target date you check in on your savings and contributions. If you can increase your monthly automatic transfers, it’s a great time to do so. Perhaps you can make an extra contribution because of a work bonus or a tax return check.

Make it a group project. Get family and friends involved in contributing to your child’s college fund. Let them know that a contribution to your child’s future is the most welcome birthday or holiday gift they could give.

The best way to save for your child’s college

You know one of the greatest ways you can help your child achieve future success is to create a path for them to higher education. A Future Scholar 529 plan provides the best roadmap for new moms and dads in South Carolina to save for college. The best time is now to begin planning for the day your child steps forward to accomplish their dreams.

This year, decide to celebrate National 529 Day by visiting Future Scholar to open an account and get started saving. Around 18 short years from now, you and your child will be very glad you did.

Curtis Loftis is the State Treasurer of South Carolina. He also serves as the administrator of South Carolina’s Future Scholar 529 College Savings Plan.

Visit treasurer.sc.gov or futurescholar.com for more information on ways to save through a 529 plan.

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College Savings Tips for New Parents (Page 61)

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