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State treasurer lowers minimum contribution to college savings plan

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Pennsylvania State Treasurer Joe Torsella lowered the minimum contribution for the PA 529 College and Career Savings Program (PA 529) to $10. Previously the minimum contribution amount for the Guaranteed Savings Plan (GSP) was $15, and the Investment Plan’s (IP) was $25.

“In good times and hard times, the biggest barrier to saving for a future is knowing how to start,” said Torsella. “Now, Pennsylvania families need just $10 to begin saving for their child’s future. Pennsylvania graduates carry some of the highest student debt loads in the nation. By starting early with just $10, families can grow those savings over time and reduce the amount of debt their children may have to carry.”

The PA 529 GSP is a lower-risk savings option where returns are based on tuition increases. GSP account owners save for future tuition rates at today’s prices, by purchasing tuition credits in real-time.

The PA 529 IP includes 17 different investment options, including three age-based options, through Vanguard. This variety allows families to choose the level of investment risk they are most comfortable with.
The IP also has some of the lowest fees when compared with similar plans in other states.

For more information about the PA 529 College and Career Savings Program, visit pa529.com.

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