Treasurer Garrity, Senator Kearney and Delaware County Community College President Dr. Gates Black encourage more families to save for their child’s future
Media, PA - Treasurer Stacy Garrity toured Delaware County Community College’s Marple Campus today, along with Senator Timothy Kearney, to promote the PA 529 College and Career Savings Program. The tour was led by College President Dr. L. Joy Gates Black. Genny Cavanagh, the college’s Interim Dean of Allied Health and Nursing, also participated in the tour.
The tour included a visit to the Nursing Simulation Laboratory in the Academic Building where participants were able to meet with nursing and respiratory therapy students.
“I’m thrilled to visit Delaware County Community College and get a firsthand look at the excellent resources available to students in Delaware and Chester counties. Business owners in all corners of the Commonwealth have told me they need highly skilled workers, which requires the specialized training that schools like Delaware County Community College can provide. Treasury’s PA 529 plans are the perfect tool to help families save for the education their child will need to find a great job.”
Pennsylvania State Treasurer, Stacy Garrity
“Whether students are interested in careers in the skilled trades, such as welding and carpentry, or desire to transfer to a four-year university, Delaware County Community College will enable them to achieve their career and academic goals. We offer short-term training leading to industry recognized certificates, longer-term education and training leading to associate degrees, as well as more than 30 transfer agreements that allow students to seamlessly transfer to four-year schools at considerable savings.”
Delaware County Community College President Dr. Gates Black
“The more resources we provide students with to lessen the financial burden of higher education, the better off we are as a commonwealth. The PA 529 College and Career Savings Program is a great opportunity for parenting families to save for their children’s future while receiving tax benefits for doing just that. Not only is this an investment in a child’s future, but it’s also a great initiative that can help families avoid some of the stress that comes with trying to figure out how to pay for post-secondary expenses.”
Senator Timothy Kearney
“Delaware County Community College is a significant regional asset. For more than 50 years, it has provided high-quality, affordable education and career training. Likewise, the PA 529 program affords an excellent opportunity for families to save for their children’s post-secondary education. I’m pleased Treasurer Garrity visited campus today to discuss the benefits of our community colleges and the PA 529 program.”
PA 529 accounts can be used to pay for qualified higher education expenses, including tuition, fees, equipment, books, room and board, and other qualified expenses. Accounts can be used at most schools nationwide including community colleges, technical schools, apprenticeship programs and four-year colleges and universities.
In fiscal year 2020-21, more families than ever before opened PA 529 accounts and saved the most money ever in a single year. Last month, the program reached a new milestone with more than $7 billion in assets. And in September, Treasurer Garrity eliminated the minimum deposit to open a PA 529 account, making it possible for anyone to start saving with as little as one dollar.
There are two PA 529 plans, the PA 529 Investment Plan (IP) and the PA 529 Guaranteed Savings Plan (GSP). PA 529 IP account earnings are based on financial market performance. PA 529 IP account owners can choose from various investment options including target enrollment date portfolios. These options automatically rebalance asset allocation as a child reaches their anticipated enrollment date. The PA 529 IP was recently named a ‘best-in-class’ plan by Morningstar, earning a Silver Rating for the second consecutive year. The PA 529 GSP is a lower-risk option, and earnings are determined by tuition inflation. With PA 529 GSP accounts families pay future tuition at today’s prices.
PA 529 IP and GSP accounts offer great tax benefits including:
- State income tax deductions on contributions (up to $15,000 per beneficiary per year; $30,000 for married couples);
- Contributions grow free of federal and Pennsylvania income taxes;
- No income tax is paid on account growth when used for qualified expenses; and
- Gift and inheritance tax benefits
An added program benefit is that PA 529 account assets do not affect Pennsylvania state financial aid eligibility.
Samantha Galvez, Press Secretary, 717-418-0206 or email@example.com
Anthony Twyman, Director, Government & Public Relations (Delaware County Community College), W: 610-325-2816 C: 610-425-0805 or firstname.lastname@example.org