READING, Aug. 24, 2012—State Sen. Judy Schwank is reminding parents, grandparents, and students that there is still time to save for college at last year’s credit prices in the Pennsylvania 529 Guaranteed Savings Plan (GSP). After Aug. 31, GSP credit prices will rise due to the increases in tuition rates for the coming academic years.
Sen. Schwank explained that the PA 529 Guaranteed Savings Plan allows families to buy college credits at today’s prices for use when a student is ready to go to college. (Pennsylvania 529 also offers an Investment Plan, which allows families to save for college by choosing a variety of market-based investment options).
“Getting a good education is the key to a bright and successful future,” said Senator Schwank. “With the average cost of a four-year university increasing at the rate of 15 percent every two years and cumulative student loan debt nationwide over $1 trillion, it makes sense for families to save early to help their children afford the cost of college.
“For the past twenty years, the Pennsylvania 529 college savings program has helped tens of thousands of families meet the cost of college tuition,” noted Senator Schwank. “I used the PA 529 Program to help fund my daughter’s tuition at Penn State.”
“Families have until next Friday to purchase the GSP credits at last year’s rates and I encourage them to take advantage of this opportunity,” added Senator Schwank. “For families not yet enrolled in the PA 529 Program, now is a good time to begin a college savings program.”
According to Senator Schwank, saving for college through the PA 529 college savings plan offers a variety of tax benefits, including a state tax deduction of up to $13,000 per beneficiary.
Additionally information on the Pennsylvania 529 college savings program is available online at www.pa529.com or by contacting Senator Schwank’s district office at 610-929-2151.
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