Treasurer Stacy Garrity and Rep. Ismail Smith-Wade-El visited Thaddeus Stevens College of Technology to promote Treasury’s PA 529 College and Career Savings Program. The tour was led by College President Pedro Rivera. They were joined by a representative from the office of Sen. Scott Martin.
The PA 529 program offers tax benefits for families who open accounts to save for postsecondary education, including the diverse education and training offered at Thaddeus Stevens College of Technology.
“It gives me great hope for the future of Pennsylvania to see the students at Thaddeus Stevens College of Technology learning the skills needed for an ever-changing workforce,” Treasurer Garrity said. “It’s an impressive campus with talented educators and dedicated students. Pennsylvania needs skilled workers, and those workers need education and training. Treasury’s PA 529 program is a tremendous tool to help families save for technical training, apprenticeship programs and two- and four-year degrees, to ensure our next generation isn’t burdened by debt when they enter the workforce.”
“The rising cost of higher education hinders the financial security of college graduates,” said President Rivera. “It is part of our mission to remove barriers to accessing higher education. Because of the investment in our college by the General Assembly and the Governor, we’re able to offer an affordable higher education option. However, it remains important that as parents and caregivers, we start to save for college as early in our children’s lives as possible. The PA 529 program offers a way for even a very small investment to help a student graduate without the burden of student loan debt.”
“Thaddeus Stevens College of Technology has been a mainstay in the Lancaster County community for generations, and the educators and staff do an amazing job of preparing students to meet the growing needs of today’s workforce,” Sen. Martin said. “I appreciate Treasurer Garrity visiting our area once again to learn more about how the school helps local people build the necessary skills to transition into family-sustaining jobs.”
“A thriving Pennsylvania requires that we all contribute to the success of the next generation. Two-year schools like Thaddeus Stevens College provide students with the diverse skills required to thrive professionally in today’s competitive market,” Rep. Smith-Wade-El said. “But education costs money and that’s why I stress parents should take advantage of PA 529 plans to help them save and pay for the training their children will need to succeed. PA 529 plans are investments in your children’s future success, and in the success of Pennsylvania’s communities as a whole.”
The PA 529 College and Career Savings Program has been helping families save and pay for higher education for thirty years. In 2019, the Keystone Scholars program was launched, providing all PA newborns with $100 for future education in order to kickstart their family’s own PA 529 savings. In fiscal year 2020-21 more families than ever before opened PA 529 accounts, saving the most money in one year.
Families can choose between two plans, the PA 529 Investment Plan (IP) or the PA 529 Guaranteed Savings Plan (GSP). PA 529 IP account earnings are based on market performance. IP account owners can choose from various options including target enrollment date portfolios that shift investments automatically as a child approaches an anticipated enrollment date. PA 529 GSP account earnings are tied directly to college tuition inflation and allow families to save at a designated credit rate at today’s prices to cover future tuition prices.
PA 529 accounts can be used to pay for qualified postsecondary education expenses, including tuition, fees, equipment, books, room and board, and more. Accounts can be used at most schools nationwide including community colleges, technical schools, apprenticeship programs and four-year colleges and universities.