Money to go to college savings program for children
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today announced that he will donate the full amount of his upcoming automatic pay increase in 2018 to Pennsylvania’s college savings program.
"This month, thousands of Pennsylvania students will graduate from post-secondary institutions, and along with their diploma, many of them will also be leaving school with an average debt of $35,000. There is an injustice in a system where we’re asking for more and more education of our young people, yet we’re pushing more of the cost of that education onto their shoulders. I didn’t ask for this automatic pay increase. But I’m more than willing to use it to help Pennsylvanians get the training they need to build a better future."
Pennsylvania Treasurer, Joe Torsella
Treasurer Torsella is one of many Pennsylvania state officials that will receive an automatic pay increase in 2018. The 0.8 percent increase is linked by state law to the year-over-year change in the consumer price index published by the U.S. Department of Labor for urban consumers in the mid-Atlantic region.
Pennsylvania Treasury administers the PA 529 College Savings Program which sponsors two plans - the PA 529 GSP and the PA 529 Investment Plan (IP), which allows account holders to choose how contributions are invested from a list of 15 options. PA 529 IP returns are based on financial market performance, whereas PA 529 GSP returns are based on tuition increases.
Current and future college students in Pennsylvania have over $4.3 billion saved for higher education, between both PA 529 College Savings Plans.
To learn more about the PA 529 College Savings Program, please visit PA529.com.