Contribute now before tuition rates increase on Sept. 1, 2017
Harrisburg, PA – Pennsylvania Treasurer Joe Torsella today reminded Pennsylvanians to contribute to a PA 529 Guaranteed Savings Plan (GSP) by August 31, 2017, before the annual tuition rate increase on Sept. 1, 2017, set by colleges and universities.
“We know that—if current trends continue—today’s kindergartner will pay a tuition bill that is double the amount that today’s college student pays. With Pennsylvania ranking at #2 in the nation for most student debt, every dollar that families are able to save now is one less dollar to be paid back. I encourage families to contribute today at the lower rate, and help to build a better future for all of our young people.”
Pennsylvania Treasurer, Joe Torsella
The PA 529 GSP helps parents save for tomorrow’s college at today’s lower rates. When a contribution is made, a tuition credit is earned at the tuition level that the contributor selects at the time of enrollment. Account owners can choose from a number of tuition levels, including one of Pennsylvania’s fourteen community colleges, one of the fourteen PA State System of Higher Education schools, or one of the four state-related universities. When a tuition credit rate increases, account holders are assured that tuition credits grow in value to match the increase. Tuition credits are usable in any state.
“The PA 529 Guaranteed Savings Plan is designed to keep pace with tuition inflation. No matter when or how much tuition goes up – and it will go up – your student will be prepared to attend their school of choice.”
Deputy Treasurer of Consumer Programs, Jack Stollsteimer
The PA 529 College Savings Program 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.