Philly Leader

Qualifying PA 529 Guaranteed Savings Plan (GSP) account owners will be receiving $100 deposits, and all asset-based fees will be waived for the fiscal year starting July 1; a recent news release from Pennsylvania Treasurer Stacy Garrity’s office said.

Those eligible for the $100 deposit must have a PA 529 GSP account with a minimum of $100 in contributions as of June 30. Deposits and fee waivers are funded by the PA 529 GSP surplus earnings.

“The PA 529 GSP is a great way to offset the effects of inflation,” Garrity said in the release. “Any family looking to make postsecondary education more affordable should consider the benefits of the PA 529 GSP. Giving participants this deposit and a year of waived asset-based fees is a way to share the success of the plan with families who are dedicated to saving for their child’s education.”

The PA 529 College and Career Savings Program is intended for families to save for future higher-education expenses through two plans: the PA 529 GSP and the Morningstar Silver Rated PA 529 Investment Plan. The PA 529 GSP plan is for families to save at today’s tuition rates to be used for future educational costs. The Morningstar plan has a variety of investment options to choose from. Both have state and federal tax incentives and can be used for technical, collegiate, apprenticeship and K-12 expenses.

There are nearly 110,000 PA 529 GSP accounts with $2.2 billion put aside for future postsecondary education expenses. Families can select a tuition credit rate to set for colleges ranging from community college to Ivy League.

“Investing in the PA 529 GSP gives parents peace of mind,” Garrity said in the release. “They know that as tuition rates climb, they’ve already locked in their child’s future education at today’s price.”

For more information, visit pa529.com.