Pennsylvania college savings program sees record growth
(The Center Square) – Pennsylvania Treasurer Stacy Garrity announced recently that fiscal 2020-21 was the best in nearly 30 years for the PA 529 College and Career Savings Program.
From 2020 to 2021, the program added 25,004 accounts bringing in more than $732 million in total contributions. Currently there are over 265,000 open PA 529 accounts with balances that have grown through contributions and investment growth to a combined $6.8 billion
The PA 529 College and Career Savings Program offers two different ways to save for continuing education: the PA 529 Investment Plan and the PA 529 Guaranteed Savings Plan. Both offer tax benefits for contributions including deductions on state income tax and no taxes paid on withdrawals for qualified education expenses.
“This exceptional growth shows that Pennsylvania families continue to prioritize their children’s futures,” Garrity said in a statement. “PA 529 accounts have been helping families save for education for almost three decades, and it’s incredibly encouraging to see so many people taking advantage of this valuable savings tool. The program continues to evolve and offer families the ability to meet their savings goals — whether their child plans to get a technical certification, attend trade school, or get a college degree.”
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