WASHINGTON, D.C. – Congressman Tom Rice (SC-07) released the following statement after the House of Representatives passed H.R. 529, legislation that amends the Internal Revenue Code of 1986 to improve 529 plans:

“Saving for college is exceedingly important given the rising cost of higher education.  Thousands of parents in South Carolina rely on our state’s Future Scholar 529 College Savings Plan to send their children to college.  These savings plans offer special tax benefits that expand education opportunities for South Carolina students and give them access to the tools they need for success.  The bill we passed today strengthens and expands our nation’s 529 savings accounts so families have the financial options they need when planning for college.”

Today, the average amount of student loan debt is $28,400; therefore, it is no surprise that nearly 12 million families have turned to 529 plans to help plan for education expenses.  In South Carolina alone 111,000 people have active Future Scholar 529 College Savings Plan accounts.  Since thousands of South Carolinians have invested more than $1.4 billion in their 529 savings plans, Washington must ensure that these accounts are sustainable for years to come.  

Learn more about South Carolina’s 529 program, by visiting the South Carolina State Treasurer’s Office website