Pennsylvania’s first universal children’s savings account program to become law with Governor’s signature
Harrisburg, PA – Treasurer Torsella today commended the passage of the Keystone Scholars program by the Pennsylvania General Assembly, establishing a $100 scholarship grant at birth for every child born in Pennsylvania to be invested for higher education expenses. The grants serve as a catalyst to change expectations and set every child in Pennsylvania up for success by helping families save for college and career expenses as early as possible.
“The passage of legislation to enact the Keystone Scholars program marks one of the best days I’ve ever had as Treasurer, and a great day for the Commonwealth. Across Pennsylvania, we have so many kids who don’t know their own potential, and so many families who don’t know where to start saving to help them fulfill that potential. The Keystone Scholars program sends a powerful message to every single child, that no matter where you live or where you come from, we all believe in you. We’re willing to invest in your future. I’ve been honored by the support and leadership of original co-sponsors Senators John Gordner and Vincent Hughes, Representative Duane Milne, and so many other legislative leaders to enact this bipartisan idea across the Commonwealth.
Keystone Scholars also helps families by starting them off with an easy way to save for their children’s future, and a boost in getting those savings started. We know that the workforce of the future requires education, whether that’s for careers that require a certificate, some training and apprentice programs, or a college degree. I’m proud to be able to implement this transformative program across all of Pennsylvania, so we can start building a better future for every child and family.”
Pennsylvania Treasurer, Joe Torsella
The $100 scholarship grant will grow through investment, and is not paid for with any taxpayer funds. Families have until their child turns 29 years old to use the funds. The scholarship grant – and any additional college savings each family saves by opening a PA 529 account – can be used for any qualified higher education expense at an approved institution of higher education, including trade schools, vocational programs, community colleges, and universities in or outside Pennsylvania.
The bipartisan legislation that establishes the Keystone Scholars program has passed in the General Assembly, and now goes to Governor Wolf for his signature.
Editor’s Note: High quality photos for use in your story are available by copying and pasting this link into your browser: https://drive.google.com/drive/folders/1vIdvUuGW7tVTS7CNLpsx3GneKBIb6MMH