South Carolina's Future Scholar 529 College Savings Plan (Direct-sold), available on a direct basis only to those who meet certain South Carolina residency requirements, features a menu of age-based and static portfolio options utilizing Columbia and Vanguard funds. Accounts can be linked to the Upromise rewards service.
- Summary: South Carolina's Future Scholar 529 College Savings Plan (Direct-sold), available on a direct basis only to those who meet certain South Carolina residency requirements, features a menu of age-based and static portfolio options utilizing Columbia and Vanguard funds. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Telephone: 1-888-244-5674
- Web site: Click here to visit
- Facebook Click here to visit
- Program manager: Columbia Management Investment Distributors, Inc.
- State residency requirements: The account owner or beneficiary must be a resident of South Carolina, or an employee of the State of South Carolina, at the time of program enrollment.
- Maximum contributions: Accepts contributions until all account balances in South Carolina's 529 plans for the same beneficiary reach $370,000.
- Minimum contributions: None
- Age-based investment options: The Age-Based Portfolios option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 6 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and based on the age of the beneficiary, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among 7 Target Allocation portfolios (Aggressive Growth, Growth, Moderate Growth, Moderate, Moderately Conservative, Conservative and College),7 individual-fund index portfolios, a short-term bond fund, a money market fund, and a bank deposit account.
- Underlying investments: Columbia mutual funds, Vanguard funds, iShares Barclays TIPS Bond Fund, and a BB&T bank deposit account.
- Enrollment or application fee: None.
- Account maintenance fee: None.
- Program management fees: None
- Expenses of the underlying investments: Ranges from 0.08% to 0.18% (portfolio weighted average) in the aged-based and target allocation portfolios, and from 0.05% to 0.25% in the individual-fund portfolios.
- Total asset-based expense ratio: 0.05% - 0.25%
- Program match on contributions: None.
- State tax deduction or credit for contributions: Contributions, including rollover contributions, to a South Carolina 529 plan are fully deductible in computing South Carolina taxable income. Contribution deadline: April 15 of the following year.