For Immediate Release
May 16, 2016
As “529 Day” Approaches, Pennsylvania’s 529 College Savings Program Reaches Important Milestones
PA families can win a $529 college savings account and will save $50 when they open a PA 529 Guaranteed Savings Plan account!
Harrisburg, PA – One of the best ways to save money for college is with a 529 college savings account, such as the plans offered through the Pennsylvania Treasury—the Guaranteed Savings Plan (GSP) and the Investment Plan (IP). Both plans continue to perform well: The GSP is almost 110 percent funded and the IP recently surpassed 100,000 accounts and reached an all-time high of 1.9 billion dollars in assets and future savings for higher education by Pennsylvania families.
The milestones signal the ongoing strength and security of the plans. This is good news for families who currently save or for those who may be considering using them. Since the program’s creation 24 years ago, hundreds of thousands of families have been able to save money, tax-free, to help pay for their children’s college expenses.
The news keeps getting better for Pennsylvania families. May 29 has been designated “529 Day” and an online contest offered by PA Treasury will give one lucky Pennsylvania family the opportunity to win a $529 college savings account. In addition, the PA GSP is offering free enrollment, a $50 savings, for all new accounts opened through May 31. To register for the contest or to save the $50 enrollment, go to PA529.com. Use enrollment code MAY529DAY to save the $50 fee.
PA 529 has also collaborated with the Pennsylvania Higher Education Assistance Agency (PHEAA) to host two webinars in May. One will focus on finding scholarships for children of any age, including those currently in college and the other will highlight the federal financial aid process. Registration for the webinars is at www.PA529.com/plan/webinars .
“In most cases students today need additional education after high school to meet their full potential. Borrowing to pay for education can be expensive and saving a little bit now can help reduce the need for loans later. The Pennsylvania 529 College Savings Program is an effective way for parents and grandparents to save.”
Pennsylvania Treasurer, Timothy Reese
Both the GSP and IP provide flexibility to pay for college expenses at most higher education institutions across the country. The primary difference between the two plans is the way savings grow.
Growth in the PA 529 GSP is based on tuition inflation. Save enough for one, 10 or even more credits today and have enough to pay for that many credits in the future, no matter how much tuition has increased in the meantime.
To learn more, or to contribute to or open a PA 529 account, and to read the disclosure statements, visit www.PA529.com or call 800-440-4000.
Media contact: Debra S. Tingley, APR, 717-787-2991 or email@example.com
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov. The Pennsylvania 529 College Savings Program sponsors two plans -- the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). The guarantee of the PA 529 Guaranteed Savings Plan is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either plan, please carefully read that plan's disclosure statement (available at www.PA529.com or by calling 800-440-4000) to learn more about that plan, including investment objectives, risks, fees and tax implications.