Compare 529 Savings Plans

Personal Investors

« Previous page

Future Scholar 529 College Savings Plan (Direct-sold) (SC)

529 Plan Details

Expand all /Collapse all

General

	Future Scholar 529 College Savings Plan (Direct-sold) (SC)
Type of plan	Direct Sold Savings Programs.
State sponsor	South Carolina.
Program manager	Columbia Management Distributors, Inc..
Investment manager/underlying investments	Columbia mutual funds; the stable value portfolio consists of a funding agreement issued by Transamerica Life.
Residency required	The account owner or beneficiary must be a resident of South Carolina, or an employee of the State of South Carolina or the Bank of America, at the time of program enrollment..
How to purchase	Enroll directly with the program..

State benefits & tax information

	Future Scholar 529 College Savings Plan (Direct-sold) (SC)
Maximum annual state deduction or credit	Contributions to any of South Carolina's 529 plans are fully deductible in computing South Carolina taxable income. Contribution deadline: April 15 of the following year..
Are qualified distributions from in-state plans state-tax exempt?†	Yes.
Are qualified distributions from out-of-state plans state-tax exempt?†	Yes.
State tax treatment of rollovers	South Carolina follows federal tax-free treatment..
Tax recapture provisions	The principal portion of nonqualified withdrawals from this plan are included in South Carolina taxable income to the extent of prior South Carolina tax deductions. Rollovers apparently are not subject to recapture..

Fees & expenses

	Future Scholar 529 College Savings Plan (Direct-sold) (SC)
Enrollment	None.
Maintenance	None.
Total asset-based expense ratio	0.30% - 0.62%.

Contributions

	Future Scholar 529 College Savings Plan (Direct-sold) (SC)
Minimum contributions	With lump-sum contributions, the minimum initial contribution is $250, and the minimum subsequent contribution is $50. With the automatic investment plan, the minimum contribution level is $50 per month..
Maximum funding amount	Accepts contributions until all account balances in South Carolina's 529 plans for the same beneficiary reach $318,000..

Investment options

	Future Scholar 529 College Savings Plan (Direct-sold) (SC)
Summary of investment options†	1 age-based, 10 individual.
Age-based portfolios	The Automatic Allocation Choice contains six portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary’s age or number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age..
Individual portfolios	Select among six multi-fund portfolios (Aggressive Growth, Growth, Balanced Growth, Balanced, Income and Growth, and Income), a stable value portfolio, and three individual-fund index portfolios. .

Other features

	Future Scholar 529 College Savings Plan (Direct-sold) (SC)
Formal agreement with rewards program or outside scholarship program?	Yes, with the Upromise rewards service.
Creditor protection	Under South Carolina law, accounts in a South Carolina 529 plan are exempt from attachment, garnishment, levy, and sale under any means or final process issued by any court or bankruptcy proceeding..
Time or age restrictions	None.

Contact information

	Future Scholar 529 College Savings Plan (Direct-sold) (SC)
Telephone	1-888-244-5674.
Web address	http://www.futurescholar.com.

Disclosure Language
Terms & Conditions of Tool Use
© The Vanguard Group, Inc., and Archimedes Systems, Inc. All rights reserved. Vanguard Marketing Corp., Distrib.
529 Plan Data Source: © 2010 Savingforcollege.com, LLC. All rights reserved.
†Data provided by Archimedes Systems, Inc.