For Immediate Release
March 4, 2002
Future Scholar 529 College Savings Plan opens for enrollment
Helping South Carolinians save and take advantage of tax benefits
COLUMBIA—South Carolina residents have an exciting new way to prepare for the rising costs of a college education. Governor Jim Hodges today introduced an investment plan that will let residents invest for college while taking advantage of special federal and state tax benefits at the same time.
Future Scholar, South Carolina’s new 529 College Savings Plan, offers South Carolina residents the ability to start investing for college with as little as $250. South Carolina State Treasurer Grady Patterson’s Office, which is administrator of the program, selected Banc of America Advisors, LLC, an affiliate of Bank of America, to be the program manager.
The Future Scholar program offers flexibility and many benefits:
"This program is a terrific way for South Carolina residents to start planning for higher education," said Governor Hodges. "Providing the means to afford a quality college education will help our children, our families and our state in many, many ways."
Sen. Luke Rankin, D-Conway, who was an instrumental part of creating the Future Scholar program, called it a significant new tool for families. "As a parent, I understand the importance of setting aside money for a college education," he said. "This program helps all of us make investments in the future of our children and South Carolina."
"Bank of America is proud to be part of a program that helps build a future for children while giving families some solid financial solutions," said Stan Gibson, South Carolina president of Bank of America. "We’re offering consumers a variety of investment choices so they can choose the ones that work best for them."
The Future Scholar program will offer participants two ways to invest: directly and through an investment professional.
Residents of South Carolina and Bank of America associates who choose to invest directly will be able to set up an investment plan without a sales charge. Self-help tools and educational materials are available at
www.futurescholar.com . Information can also be obtained by calling 1.888.244.5674.Customers who prefer professional advice for investment decisions can work with an investment professional through Banc of America Investment Services, Inc., a brokerage affiliate of Bank of America, and through broker/dealers and advisers nationwide. To be put in touch with an investment professional in your area, please call 1.800.765.2668.
Future Scholar is a 529 college savings plan named for the section of the federal tax code that allows investors to accumulate assets for college expenses free of federal income taxes. Congress approved 529 plans in 1996. Nationally, about $8 billion is invested in college investment programs. The figure is expected to double this year and grow to more than $100 billion by 2005.
The program is now available to South Carolina residents. Future Scholar will be available nationally beginning April 1, 2002.
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For Information Contact:
David A. Adams, 803/734-0380