The PA 529 College and Career Savings Program helps families save for education
Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity today announced that PA 529 College and Career Savings Program Investment Plan (IP) account owners can now access their accounts using the READYSAVE 529 app. The new tool is designed to make saving for a child’s education even easier.
“I encourage anyone with a PA 529 IP account – and anyone who might be ready to open a PA 529 account for their children or grandchildren – to download the READYSAVE 529 app. Saving for higher education can seem overwhelming, but this app makes it easier and more accessible. I hope using the app will help families to save more through PA 529.”
Pennsylvania State Treasurer, Stacy Garrity
With the READYSAVE 529 app, PA 529 IP account owners can view account balances, transaction history, and investment allocations. Users can also make one-time contributions and set up recurring transactions. The app makes it easy for family and friends to give a gift contribution using the Ugift feature.
Ascensus, PA 529’s record-keeper, created the READYSAVE 529 app and plans to increase functionality for users’ accounts in the future. The app does not replace paper or email confirmations and quarterly statements. Since it was launched, more than 4,000 users in Pennsylvania have accessed their accounts using the app.
PA 529 accounts can be used to save for four-year colleges, as well as community colleges, career and technical schools, trade programs, and qualified apprenticeship programs both in Pennsylvania and at schools nationwide. Earnings are tax-exempt and remain tax-free when withdrawals are used for qualified educational expenses. Contributions are also PA state income tax deductible, and account assets do not affect state financial aid eligibility. Families can open a PA 529 account with as little as $10.
The PA 529 IP offers a variety of investment options ranging from aggressive to moderate to conservative, including target enrollment date portfolios that shift investments gradually and automatically as a child nears the target enrollment date.