Read more at PennWatch.org
Pennsylvania State Treasurer Joe Torsella announced that the Pennsylvania 529 College and Career Savings Program (PA 529) recorded its best year in the program’s 25-year history for contributions during calendar year 2019. This is the second year in a row that Pennsylvania families beat this record.
“Pennsylvanians know all too well how heavy the weight of student debt can be. That’s why I’m so proud that so many of our families are doing what they can to avoid it in the first place, and for the second year in a row, have saved a record-breaking amount of money for a brighter future.”—Pennsylvania Treasurer, Joe Torsella
In 2019, PA 529 account owners saved $624.4 million for postsecondary education expenses: $212.9 million in the Guaranteed Savings Plan (GSP) and $411.5 million in the Investment Plan (IP). These savings surpass the program’s previous record of $585.2 million, set during calendar year 2018.
The PA 529 College and Career Savings Program sponsors two plans – the PA 529 GSP, which lets families save for tomorrow’s post-secondary education expenses at today’s plan rates, and the PA 529 IP, which allows account holders to choose how contributions are invested from a list of 17 options. PA 529 IP returns are based on financial market performance, whereas PA 529 GSP returns are based on postsecondary tuition increases.
Between the two plans, the PA 529 College and Career Savings Program has more than $5.5 billion in assets saved in nearly 250,000 accounts.
In 2019, the PA 529 IP received, for the first time in its history, a Morningstar Bronze RatingTM in its review of Top 529 College Savings Plans. This ranking puts the Pennsylvania plan among an elite group of 30 “Best in Class” plans, less than half of all the plans rated by Morningstar.
To learn more about the PA 529 College and Career Savings Program, or to open an account, please visit pa529.com or call 1-800-440-4000.