Record year for college, career savings program

Families contributed $585 million in 2018

HARRISBURG » Contributions to the Pennsylvania 529 College and Career Savings Program hit a new high in 2018. Pennsylvania State Treasurer Joe Torsella said Monday that Pennsylvania families saved more in 2018 than in any other year of the program’s 25-year history.

More than $585 million was contributed to the program — to use for future education expenses.

“By saving today, families are taking proactive steps in their own homes to alleviate the costs of higher education for Pennsylvania’s future workforce.” — Joe Torsella, PA State Treasurer

“Now, more than ever, it is encouraging to see such growth in the PA 529 College and Career Savings Program. For two consecutive years, Pennsylvania’s graduates have started their careers with the highest student debt load in the nation,” Torsella said in a press release. “By saving today, families are taking proactive steps in their own homes to alleviate the costs of higher education for Pennsylvania’s future workforce.”

To date, the PA 529 College and Career Savings Program has paid more than $3.5 billion in education related expenses to 2,567 technical and career schools, colleges and universities on behalf of more than 115,773 students.

The PA 529 College and Career Savings Program sponsors two plans — the PA 529 Guaranteed Savings Plan (GSP), which lets families save for tomorrow’s post-secondary education expenses at today’s plan rates, and the PA 529 Investment Plan (IP), which allows account holders to choose how contributions are invested from a list of 16 options. PA 529 IP returns are based on financial market performance, whereas PA 529 GSP returns are based on post-secondary tuition increases.

To learn more about the PA 529 College and Career Savings Program, or to open an account, visit pa529.com or call 1-800-440-4000.

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