Treasurer Stacy Garrity Encourages Families to Give the Gift of Education this Holiday Season
Ugift makes it easy for family and friends to contribute to PA 529 accounts
Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity is encouraging families to give the gift of education this holiday season with the PA 529 College and Career Savings Program. Family and friends can help save for a child’s future education with PA 529’s Ugift feature.
“Saving for the education of a child in your life is the perfect gift this holiday season, and one that will keep on giving. Anyone who opens a new PA 529 account, or is already saving with PA 529, can ask friends and family to help, too. With Ugift, our free online gifting platform, it’s easy for anyone to support your child’s future dreams this holiday – or anytime!”
Pennsylvania State Treasurer Stacy Garrity
Last year, PA 529 saw a 14 percent increase in gifting to PA 529 accounts. According to the College Savings Foundation, nearly $650 million in gift contributions were made to education savings plans in 2023, and so far this year, participating plans have seen more than $550 million in gift deposits.
“A lot of people like to contribute to PA 529 accounts set up for their grandchildren – or their nieces and nephews. It’s a truly meaningful gift, and it’s so simple to do.”
Pennsylvania State Treasurer Stacy Garrity
PA 529 College and Career Savings Program accounts are designed to help Pennsylvania families steadily and strategically save in a tax-advantaged way for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses. Money saved in PA 529 accounts does not affect eligibility for Pennsylvania state financial aid.
There are two PA 529 plans to choose from, the Morningstar Gold-Rated PA 529 Investment Plan (IP) and the PA 529 Guaranteed Savings Plan (GSP). The PA 529 IP offers a variety of investment options with returns based on financial market performance. The PA 529 GSP lets families pay for tomorrow’s tuition at today’s prices.
More than 306,000 PA 529 accounts currently have more than $8.2 billion saved.
No matter what plan a family chooses, the tax benefits are the same:
- PA state income tax deduction on contributions;
- State and federal tax-deferred account growth;
- Tax-free withdrawals for qualified expenses; and
- Gift and inheritance tax benefits.
Pennsylvania children born in 2019 or after already have a $100 jumpstart to their education savings with the Keystone Scholars program. Families can claim their child’s $100 investment and link their PA 529 account to see all of their education savings in one place.
To learn more about PA 529, visit pa529.com or call 800-440-4000.
