Treasurer Stacy Garrity: Pennsylvania Families Have Saved $10 Billion for Education with PA 529

Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity announced today that the PA 529 College and Career Savings Program has surpassed $10 billion in assets. For over 30 years, the PA 529 program has helped Pennsylvania families save for a wide variety of qualifying expenses, including those for technical schools, colleges and universities, K-12 education, certain apprenticeships and credential programs.

"The fact that families have saved more than $10 billion is a remarkable achievement and it demonstrates the trust that Pennsylvania families have placed in Treasury's PA 529 program for more than 30 years. Every dollar saved brings families closer to being prepared for their children's future education expenses, regardless of the path they choose."

Since taking office, Treasurer Garrity has cut PA 529 fees numerous times, resulting in more than $22 million in savings for Pennsylvania families.

Families with children born in 2019 and after can also claim their child's $100 scholarship from Keystone Scholars to jumpstart education savings and open their own companion PA 529 account to continue saving on their own. The $10 billion milestone includes nearly $100 million in children's Keystone Scholars accounts and more than $200 million saved by families who have linked their Keystone Scholars account to a PA 529 account.

There are two plans to choose from, the PA 529 Guaranteed Savings Plan (GSP) and the three-time Morningstar Gold-Rated PA 529 Investment Plan (IP). There are currently 339,958 PA 529 accounts, including 120,730 PA 529 GSP accounts with nearly $3 billion in assets and 219,228 PA 529 IP accounts with over $7 billion in assets.

Both PA 529 plans provide state and federal tax benefits, including tax-free growth and tax-free qualified withdrawals. Pennsylvanians can also deduct PA 529 contributions annually on their state income taxes. PA 529 accounts are not subject to state inheritance tax and do not impact state financial aid eligibility.

The PA 529 GSP lets families save at today's tuition rates to cover tomorrow's tuition costs. The PA 529 IP has multiple investment options to choose from and returns tied to financial markets.

For more details about saving with PA 529, visit pa529.com or call 800-440-4000.

To learn more about Pennsylvania Treasury, visit patreasury.gov and be sure to stay up to date with all Pennsylvania Treasury news on Facebook (PA Treasurer Stacy Garrity) and Instagram (@PATreasury).