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I'm wondering if anyone out there has researched and/or applied for the South Carolina 529 College Savings Plan or the plan that allows you to lock in current rates for South Carolina public universities. I've done a bit of research and see that it has some appeal, but I'd love to hear from someone who is in one or both of the programs or who has looked into it also.
I have had a 529 plan for about five years now and it has done really well. I remembered doing some research back then and if I remember correctly SC was one of the good states to do this in. It probably had something to do with taxes and everystate is different. In five years, his 529 plan has almost doubled and I haven't added any more money since this initial lump sum five years ago.
According to the web site, SC is not allowing any new enrollees in their prepaid tuition plan this year. Apparently the costs were escalating faster than predicted and they were losing money. The web site will be updated in July 2008 to say whether the legislature is reopening enrollment.
I have a Virginia 529 and am debating between opening an SC 529 or going with the prepaid plan (if and when it opens again).
We have done the SC 529 plan for about 2 years. It has done well and of course, SC is one of a handful of states that allows you to deduct the contributions off your state income taxes
We have two 529 plans (one for each child) - I think one is based on NJ (where we used to live) and the other in WV (where my former company sponsored a 529 plan). Our intent is to try to move them both to the SC plan when enrollment opens back up again.
While the SC 529 program is a good thing ( I have one), the education lottery scholarships ($5,000/year) are fantastic. My daughter works hard at Clemson and gets $2500 each semester. The scholarship cuts $20,000 off of a $60,000 education.
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