South Carolina Jumps into 529 Market

March 4, 2002 ( - The state of South Carolina has unveiled a 529 college savings plan called Future Scholar.

The state’s Treasurer will be the program’s administrator while Banc of America Advisors LLC will manage the program’s assets.

Savings in a plan account – to be used for college tuition – would be tax free from federal taxes prior to withdrawal while South Carolina residents will also get a state tax break as well.

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The state’s program announcement said it is only available to South Carolina residents until April 1 when it will be marketed nationally.