Treasury Announces Record PA 529 GSP Enrollments During 529 Day Promotion

Treasurer Stacy Garrity announced today that more new PA 529 Guaranteed Savings Plan (GSP) accounts were opened during Treasury’s 529 Day promotion in May than in any past 529 Day promotion. Over 1,200 PA 529 GSP accounts were opened last month for new beneficiaries, and total GSP contributions were more than $17 million.

“I’m excited that so many Pennsylvania families took the important step of investing in their children’s future by opening PA 529 accounts,” Treasurer Garrity said. “I hope this inspires even more families to open an account and begin saving for their child’s future education, no matter where their path takes them – to a university, community college, technical school, or apprenticeship.”

Treasury’s 529 Day promotion encouraged families across Pennsylvania to save with the PA 529 GSP for a chance to win awards, including three top awards of $5,529 – enough to pay for a year’s tuition at a Pennsylvania community college and six regional awards of $2,529. Families who opened a new PA 529 GSP and contributed at least $10 in May, or families who already had a PA 529 GSP account and made an additional contribution of at least $10 were eligible to win.

Treasurer Garrity began this promotion in 2021. Since then, more than 3,500 PA 529 GSP accounts have been opened in the month of May:

  • 1,209 in May 2024;
  • 1,008 in May 2023;
  • 914 in May 2022; and
  • 577 in May 2021.

The PA 529 College and Career Savings Program helps families steadily and strategically save for future educational expenses like tuition, fees, books, equipment, room and board and more at qualifying technical, collegiate and apprenticeship programs. PA 529 plans offer significant state and federal tax advantages, and saving with PA 529 does not impact Pennsylvania state financial aid eligibility.

The PA 529 GSP allows families to save at today’s tuition rates to meet tomorrow’s tuition costs. Families choose the tuition level they wish to save at – from community colleges up to Ivy League universities.

Families with young children, born January 1, 2019, or later, already have a $100 Keystone Scholars account to jumpstart their education savings. This automatic deposit is available to every baby born in Pennsylvania, and the program uses no taxpayer dollars. Families are encouraged to claim their Keystone Scholars accounts at pa529.com/keystone and open their own companion PA 529 account to continue saving for their child’s future.