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AUGUSTA, Ga. ( WJBF) – Doctors Hospital and Georgia’s Path2College 529 Plan is the key to saving for a college education.
On Tuesday, May 30th, the first baby born on National 529 Day, would receive a $1,529 scholarship that would be donated to a 529 savings account.
The lucky family was the Dandrige family, baby girl Scarlett Dandrige was the first to receive the scholarship.
Georgia’s Path2College 529 Plan is a kick-start to a college fund that is a tax-advantaged savings account designed to be used for the beneficiary’s education expenses. The money can be used for a wide range of college expenses at accredited schools nationwide in addition to tuition expenses for K-12, certain apprenticeship costs, and student loan repayments.
Mac Dandrige, father of the winning baby, says, “I think it’s a good start, a good momentum. We’re actually just thinking about, oh like we should start funds for them. So I think it takes a little pressure off of us, you know letting Scarlett be number one. I think it’s a blessing. Ultimately I think it’s a nice welcome to Georgia, you know moving back.”
National 529 Day commemoration reminds families and friends that contributing to a 529 savings plan can help prepare a child for future college attendance.
Saving early has the potential to deliver compound earnings over a longer period of time.