Pennsylvania Treasurer Stacy Garrity announced a new incentive for families participating in the PA 529 Guaranteed Savings Plan (GSP). Current and new account owners who contribute by December 31, 2024, are eligible for up to $100 in matching contributions. This initiative aims to encourage more families to save for educational expenses, ranging from community college tuition to apprenticeships.
The matching funds are sourced from surplus earnings of the GSP fund. Contributions must be received by the year-end deadline to qualify. Details on contribution timelines and more can be found at pa529.com.
Additionally, Pennsylvania children born on or after January 1, 2019, are eligible for a $100 starter deposit through the Keystone Scholars program, enhancing the potential savings boost.
The PA 529 plans offer state and federal tax advantages and do not affect eligibility for state financial aid in Pennsylvania. The GSP allows families to save at current tuition rates, adjusting for future increases. Treasurer Garrity also announced the continuation of waived asset-based fees for GSP accounts through the next fiscal year, projecting over $16.5 million in savings for participating families.
The PA 529 program has been aiding families in education savings for over three decades, with more than 304,000 accounts opened and over $8 billion saved for future educational expenses.
