More than 10,000 Pennsylvania babies are registered
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced that more than 10,000 babies in Pennsylvania have been registered for Keystone Scholars since the program expanded statewide on January 1, 2019. Of those 10,000 families, 20 percent have gone on to open their own PA 529 College and Career Savings Program (PA 529) accounts.
"Keystone Scholars is a program that can transform the lives of so many families across our commonwealth, by jumpstarting savings for post-secondary education. Those savings aren’t just about money, they’re about all of us joining together to support our kids and tell them that we believe in their future. These 10,000 children represent a huge milestone, but it’s just the first of many to come as we bring this idea to every corner of our state."
Pennsylvania Treasurer, Joe Torsella
Keystone Scholars provides a $100 starter deposit to a PA 529 account for every child born or adopted to a Pennsylvania family, after December 31, 2018. It began as a pilot program in 2018, available in six counties: Delaware, Elk, Luzerne, Indiana, Mifflin, and Westmoreland.
Last year, Treasury worked with distinguished researchers to study the pilot program and evaluate the impact it had on recipient families. Overall, families in pilot counties were twice as likely to open a PA 529 account as families in non-pilot counties within the first year of their child’s life. The Keystone Scholars pilot also led to PA 529 ownership across a more diverse group of families, including for all racial and ethnic groups, and across varying levels of parental education and income.
The PA 529 College and Career Savings Program has been helping Pennsylvania families save for postsecondary education expenses for more than 25 years. Families have two savings options to choose from: the Guaranteed Savings Plan and the Investment Plan. Between the two plans, the PA 529 College and Career Savings Program has more than $5.5 billion in assets saved in nearly 250,000 accounts.
In 2019, the PA 529 Investment Plan received, for the first time in its history, a Morningstar Bronze RatingTM in its review of Top 529 College Savings Plans. This ranking puts the Pennsylvania plan among an elite group of 30 “Best in Class” plans, less than half of all the plans rated by Morningstar.
To learn more about the PA 529 College and Career Savings Program, or to open an account, please visit pa529.com or call 1-800-440-4000.