Joins with Governor, Philadelphia Mayor and senators to highlight state’s first universal children’s savings program
Philadelphia, PA – Pennsylvania Treasurer Joe Torsella today was joined by Governor Tom Wolf, Philadelphia Mayor Jim Kenney and Senators Vincent Hughes and John Gordner for the statewide launch of Keystone Scholars. Keystone Scholars grants $100 to every child born or adopted to a Pennsylvania family, on or after January 1, 2019, to be used for future postsecondary education expenses.
“Keystone Scholars demonstrates Pennsylvania’s commitment to every child, letting them know we, as a commonwealth, believe in them and their potential to do great things. Now, every baby born or adopted in Pennsylvania will benefit from Keystone Scholars. That $100 seed is meant to encourage families to save for their child’s future postsecondary education starting the day they are born. Families look at their new baby and see endless opportunities. Now, they will feel the support of the whole commonwealth behind them, because an investment in a child’s future is an investment in the future of Pennsylvania.”
Pennsylvania Treasurer, Joe Torsella
During today’s launch, Treasurer Torsella toured the Prodigy Learning Center in Philadelphia, enjoyed a special performance by the Center’s pre-kindergarten students, and held a press conference to celebrate the statewide expansion of Keystone Scholars.
“I commend Treasurer Torsella and Senators Hughes and Gordner for their leadership of Keystone Scholars and I was proud to sign the program into law. Increasingly people need training after high school to compete for jobs. Whether a child eventually goes to a trade school, community college, or university, Keystone Scholars is the first step in making their dream career a reality.”
Pennsylvania Governor, Tom Wolf
The $100 provided by Keystone Scholars will grow through investment and can be used for qualified postsecondary education expenses at most trade schools, vocational programs, community colleges and universities. Keystone Scholars funds must be used before the child turns 29 years old.
The program does not use any taxpayer dollars. Keystone Scholars funds are invested as part of the PA 529 Guaranteed Savings Plan (GSP) and funded by surplus investment earnings, in addition to philanthropic donations.
“Our children have boundless potential, and when they’re supported to learn and pursue their ambitions, we all benefit. That’s why the Keystone Scholars program is so important. It’s an investment in our children’s future and the opportunities they’ll have when they graduate from high school. I am grateful to our state leadership for creating this program and investing in our youngest Pennsylvanians.”
Philadelphia Mayor, Jim Kenney
Keystone Scholars started in 2018 as a demonstration project benefiting babies born in Delaware, Elk, Indiana, Luzerne, Mifflin and Westmoreland counties. The statewide expansion of the program was passed by the legislature and signed into law by Governor Wolf on June 22, 2018. Senators Hughes and Gordner were key legislative partners in the passing of Keystone Scholars.