COLUMBUS, Ga. (WRBL) — Only one day old and a local baby is already saving for college. This morning, Path2College 529 Plan awarded $1,529 to the first baby born at Piedmont Columbus Regional on May 29. The award will go to 8 pound, 5 oz, Carus May Kincaid, born at 9:11 a.m. on May 29, to start her 529 Plan account for education.
“Proud of her already,” new mother Leah Kincaid, 24, said while looking down at the baby in her arms. She remarked the newborn was already doing big things.
Leah Kincaid and her husband Mark Kincaid, 34, of Smiths Station, Alabama were both happy to start saving for their first child’s future. Mark Kincaid said he was grateful their daughter now had “a little leg up” on her savings.
Path2College 529 Plan Executive Director Mitch Seabaugh said, “Number one, it’s a great opportunity, there were a baby just born [which] already has a college savings plan in place for them.”
He added this is also a great opportunity to spread awareness about 529 plans, which help families save for their children’s college educations from a young age.
Seabaugh also mentioned having a savings account for college can impact the likelihood a child will go to college.
A 2013 study from Washington University in St. Louis found children from low- to moderate-income families were over three times more likely to go to college if they had $1 to $499 in savings, compared to children from families with similar incomes without savings. Those with money saved for college were also 4.5 times more likely to graduate than those without.
The executive director advised it is never too late to start saving. He said, “Now’s the time to start. There’s no better time than today to do that because every dollar saved is at least $1 that they will save in a possible student loan.”
This marks the eighth year Piedmont Columbus Regional and Path2College 529 Plan have paired up for this initiative on 529 Day, which is celebrated annually on May 29.
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