Families who save in their PA 529 GSP by December 31, 2024, can receive up to $100 in matching contributions 

Harrisburg, PA — Pennsylvania Treasurer Stacy Garrity today announced that families saving with the PA 529 Guaranteed Savings Plan (GSP) may be eligible for up to $100 in matching contributions.

Current and new PA 529 GSP account owners who make contributions that are received by December 31, 2024, can receive up to $100 in a matching deposit.

“I’m thrilled to offer this boost for families saving with the PA 529 GSP,” Treasurer Garrity said. “I hope many families will make a deposit before the end of the year to take advantage of this great offer – and I hope more families will take this opportunity to start saving with the PA 529 GSP. It’s a fantastic tool to help families save for whatever education path their child takes, including community colleges, four-year universities, technical and career training, and apprenticeships.”

The match will be funded by surplus earnings of the GSP fund. Contributions must be received by December 31, 2024, to qualify for the match opportunity. PA 529 GSP account owners should note that, depending on their contribution method, it could take up to 14 business days for a contribution to be received. More details are available at pa529.com.

Pennsylvania families with children born on or after January 1, 2019, can also claim their child’s $100 Keystone Scholars account. Keystone Scholars provides $100 starter deposit for a child’s future education. This Keystone Scholars deposit, combined with the $100 potential match could essentially triple a family’s own $100 contribution.

PA 529 accounts are designed to help Pennsylvania families steadily and strategically save for a wide variety of qualifying educational expenses. There are significant state and federal tax benefits when saving with PA 529, and PA 529 assets do not impact eligibility for Pennsylvania state financial aid.

The PA 529 GSP allows 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 the tuition credit rate they wish to save at, from community colleges to Ivy League universities.

Earlier this year, Treasurer Garrity announced that asset-based fees would be waived for PA 529 GSP accounts for the third consecutive year, from July 1, 2024, to June 30, 2025. Across the entire PA 529 program, including the Morningstar Gold Rated PA 529 Investment Plan, Treasurer Garrity’s fee cuts will save families more than $16.5 million by the end of the current fiscal year.

PA 529 has been helping families save for education for more than 30 years. There are more than 304,000 PA 529 accounts, including more than 113,000 PA 529 GSP accounts and more than 190,000 PA 529 IP accounts. Families currently have more than $8 billion saved for future education expenses.

 

To learn more about PA 529, visit pa529.com or call 800-440-4000.

Information provided to TVL by:
Samantha Heckel