By Rep. Steve Mentzer (R-Lititz)
For families looking to plan for higher education, the Pennsylvania Treasury offers the PA 529 Guaranteed Savings Plan (GSP), in which growth is tied to the rate of college tuition inflation, and the PA 529 Investment Plan (IP), which offers 15 investment options by The Vanguard Group.
Contributions to PA 529 plans are deductible from Pennsylvania income taxes, grow tax free, and, when used for qualified educational expenses, are federal and state tax exempt. Both plans provide flexibility to pay for higher education expenses at most higher education institutions across the country. The PA 529 GSP is designed to enable your savings to help keep pace with the rising costs of higher education. The PA 529 GSP contributions grow at the rate of tuition inflation but are subject to fees and premiums.
You still have until Saturday to take advantage of the PA 529 Guaranteed Savings Plan’s offer of free enrollment – a $50 savings – for all new accounts opened before Aug. 31, at PA529.com
. Use code “SUMMERGSP” when prompted.
The PA 529 Investment Plan (IP) features low fees and more than a dozen conservative and aggressive investment options. No enrollment fee is charged for the PA 529 IP.