PA Treasurer Stacy Garrity today urged families to take advantage of the last few days of the Pennsylvania Treasury Department’s ‘PA 529 Day’ Promotion. More than $40,000 in awards are up for grabs for new PA 529 Guaranteed Savings Plan (GSP) accounts opened in May.
One new PA 529 GSP account owner will receive a top award of $5,290 in account contributions, while there will be 67 county-specific awards of $529 in account contributions.
“Now is the perfect time to start saving for your child’s future education,” Garrity said. “New PA 529 GSP accounts opened through the end of the month are eligible, so time is running out for a chance to win a big boost for your child’s education savings! I’m glad to offer this promotion to highlight 529 Day and the 30th anniversary of our PA 529 program.”
529 Day, recognized nationwide every May 29, highlights the benefits of saving for future education expenses with 529 accounts.
Pennsylvanians who open a new PA 529 GSP account through May 31, 2022 will be automatically eligible for a chance to win. Official rules are available at pa529.com/529day.
PA 529 GSP account earnings are based on college tuition inflation rates. Families can select from a variety of tuition levels from community colleges to Ivy League universities. Each credit saved at today’s rates will cover a credit of tuition at tomorrow’s price. Saving with a PA 529 GSP account provides great tax benefits and PA 529 account assets do not affect eligibility for Pennsylvania state financial aid.
PA 529 accounts can be used to pay for tuition, fees, books, equipment and room and board at technical schools, apprenticeship programs, community colleges, and four-year colleges nationwide.