Letter to the Editor

21 December 2001

 

You can put your mind to rest this holiday season – in one stroke you can curb the high costs of a college education, and set yourself up for a nice present at tax time.

Now is the time to guarantee you pay lower college costs in the future while getting a big tax break today. This is the last week to get new state tax deductions available when you enroll a child in our office’s South Carolina Tuition Prepayment Program (SCTPP).

Right now, the cost of college is rising at an average of 8.2% every year! Federal and state dollars are running short making it likely that higher education costs will continue to rise. In today’s economy, if you are saving for college, your savings accounts, investment portfolios, and the like, just cannot keep up with those exploding increases.

It is not just as State Treasurer that I am keenly aware of this program’s importance. As a parent, I know that college presents a difficult financial obstacle. I put six children through college – all with advanced degrees. My wife and I are so proud of them all, but the costs caused us some strain. Now, my children are beginning to pay for my grandchildren’s college and the bills stun me.

A SCTPP contract locks in today’s tuition rates and guarantees payment of tuition and mandatory fees at any of South Carolina’s public colleges and universities when your child is ready for college. For example, if you had a baby in the last month, you can get a newborn four-year contract for $15,511 (or $377 in 48 monthly payments). If you waited eighteen years to pay for your child to go to college, four years would cost you almost $65,000 and maybe more!

You have heard it said before; the best way to make money is to save money. South Carolina has given you a great opportunity to save for one of the most difficult – and most important – goals you have for your children, a college education.

This is the holiday season, and there is a deadline for SCTPP. To ensure you receive the tax benefits THIS year, you must have your enrollment forms (and check) in our office by December 28th – after that date, tax benefits will be awarded with your 2002 tax filing.

We have made enrollment in SCTPP easier than ever. You can go to our website (www.scgrad.org) and download all of the forms you need. You can also get all of your questions about the program and its costs answered on the site.

I hope that this season you will add a little peace of mind to your financial planning, and a brighter future to your children’s stocking. SCTPP can be a big part of that peace of mind.

Happy Holidays!

 

 

For More Information, Contact:

David A. Adams, 803/734-0380