COLUMBIA, S.C. (WCBD)- To celebrate National 529 College Savings Day, the South Carolina Treasurer’s office wants parents to get a jump-start on their newborn’s college fund.

Babies born in South Carolina on May 29 will be eligible to receive a $529 PalmettoBaby grant toward a college savings fund through the Future Scholar 529 College Savings Plan.

New PalmettoBaby parents will get a Future Scholar goody bag with information on the state’s 529 college savings plan and a privately funded grant. The Future Scholar 529 plan allows families to save for their child’s college education by offering tax advantages.

“The best way to commemorate 529 Day is to remind families of the importance of saving for college,” Treasurer Curtis Loftis said. “We are proud of the Future Scholar families who celebrate a child’s graduation this month, and we welcome the new families who want to begin saving for the future.”

To receive the PalmettoBaby grant, parents of babies born on May 29 must complete the grant application and open a Future Scholar account by August 31, 2022.