New PA 529 GSP account owners could win a top award of $5,290 or one of ten $2,529 awards
Harrisburg, PA - Treasurer Stacy Garrity today announced the kick-off for this year’s 529 Day celebration to highlight the PA 529 College and Career Savings Program. Starting today, and continuing through May 31, 2023, those who open a new PA 529 Guaranteed Savings Plan (GSP) account and contribute at least $10 for a new beneficiary who is a Pennsylvania resident will be eligible to win a top award of $5,290 – enough to cover a year’s tuition at a Pennsylvania community college.
Ten regional winners will also each receive an award of $2,529 to help boost savings for their child’s postsecondary education. Awards total more than $30,000. All eligibility details and official rules are available at pa529.com/529day.
“I’m thrilled to offer this great promotion to encourage more families to learn about and start saving with PA 529. Opening an account this month and saving as little as $10 could lead to a big boost in savings! PA 529 accounts are incredible tools to help save and pay for all types of postsecondary education, including community colleges, four-year universities, technical schools and apprenticeship programs. If you’ve been thinking about opening a PA 529 GSP account for your child, grandchild, niece or nephew, this is the perfect time to do it.”
Pennsylvania State Treasurer, Stacy Garrity
529 Day, recognized on May 29, helps promote the power and benefits of saving and planning for the cost of postsecondary education with 529 plans. Treasury’s promotion to celebrate 529 Day runs all month long.
The PA 529 College and Career Savings Program has been helping families save and pay for education for more than 30 years. All PA 529 accounts have significant state and federal tax advantages and can be used for a wide variety of qualifying technical, collegiate and apprenticeship expenses like tuition, fees, books, equipment, room and board, and more. Also, assets in PA 529 accounts don’t affect a student’s eligibility for Pennsylvania state financial aid.
PA 529 GSP accounts allow families to save at today’s tuition rates to meet tomorrow’s tuition costs. Account earnings are based on college tuition inflation rates, and families can choose a tuition level to save at – from community colleges up to Ivy League universities.
Additionally, for families with a child born January 1, 2019, or later, their child already has a $100 Keystone Scholars account to jumpstart their savings. All babies born to Pennsylvania residents automatically receive the $100 deposit that will grow under Treasury’s care and be available for postsecondary education expenses once a child turns 18. Keystone Scholars accounts can be linked to a PA 529 account easily online so families can see all of their education savings in one convenient place. Parents can visit pa529.com/keystone to activate their child’s Keystone Scholars account. This program uses no taxpayer money.
Full 529 Day promotion rules and regional designations can be found at pa529.com/529day.