Treasurer McCord: Only Days Remain to “Beat the Tuition Rate Increase” with PA 529 Guaranteed Savings Plan
Rates increase September 1; Treasury offering 10 $529 scholarships to help jump start college savings
Harrisburg – With tuition increases at colleges and universities across the state, credit rates for the Pennsylvania 529 Guaranteed Savings Plan (GSP) will increase September 1, which State Treasurer Rob McCord said today means only a few days remain for those who want to get the most “bang for their buck” when saving for higher education.
To help more families save, the McCord Treasury is offering a chance to win one of 10 $529 PA 529 GSP scholarships.
“For many families, the seemingly ever-rising price of a higher education can be daunting. It’s important to start early, and now is a great time to start if you have not already,” said Treasurer McCord. “Tuition credit rates are going up next month. If you contribute now or before 10 p.m. on August 31, you will save at last year’s lower credit rates – essentially getting more for your money than you would if you waited until after September 1.
“That is a great incentive, but we want to help more families save, and we want to help 10 lucky families in that pursuit with a $529 scholarship. Plus, if they do not already have a PA 529 GSP account, they can open one online for free through September at PA529.com. That, alone, is a $50 savings.”
To take advantage of the free online enrollment, visit www.PA529.com and use code SAVE50 when prompted.
Treasury’s College Savings Sweepstakes will award 10 winners a $529 scholarship. Visit www.PA529.com to enter. All winners will be chosen at random and will be announced to the public on or about Friday, October 14, 2011. Entrants do not have to be PA 529 GSP account owners to be eligible. Complete sweepstakes rules can be found at www.PA529.com.
Treasurer McCord added those visiting the website will also find free college savings webinars. Topics include the how to maximize the benefits of a PA 529 plan, how to incorporate college savings into your estate planning, and where to find additional financial support to pursue a higher education.
“While our sweepstakes and free enrollment drive are time sensitive, saving for college is our mission all year long,” Treasurer McCord said. “There is a lot to review and consider when it comes to the different and best ways to save for college, so we offer these webinars as a free resource to help educate more families on the benefits of a 529 plan.”
The PA 529 GSP is designed to help savings grow to meet the future costs of education. Save enough for a semester today and have enough for a semester in the future – no matter when or how much tuition increases in the meantime. Families saving through the PA 529 GSP receive tax-deferred growth on earnings and tax-free withdrawals when funds are used for qualified educational expenses.
Pennsylvania also offers a second 529 plan, the PA 529 Investment Plan, in which returns are based on financial market performance. The PA 529 Investment Plan features low fees and more than a dozen conservative and aggressive investment options from Vanguard, one of the nation’s largest financial services companies. Families saving in the PA 529 Investment Plan also receive the same great tax advantages as those saving with the PA 529 GSP.
Visit www.PA529.com to contribute to a PA 529 GSP account, enter the sweepstakes, and participate in a free webinar.
Media contact: Carrie Fischer Lepore, 717-772-2416 or news@patreasury.org
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The Pennsylvania 529 College Savings Program sponsors two plans-the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). The guarantee of the PA 529 GSP is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency. Before investing in either plan, please carefully read that plan’s disclosure statement (available at www.pa529.com or by calling 1-800-440-4000) to learn more about that plan including investment objectives, risks, fees, and tax implications.
Upromise Investment Advisors, LLC, serves Recordkeeping and Servicing Agent for the PA 529 Guaranteed Savings Plan and the PA 529 Investment Plan. The Vanguard Group, Inc., serves as investment manager for the PA 529 Investment Plan.
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