|In the near future, I plan to introduce legislation that is of vital importance to Pennsylvania families who are investing in college savings plans.
In 2006, Pennsylvania passed legislation that provided a tax deduction for individuals who contribute to a college savings plan. This deduction is allowable regardless to which college savings plan the individual chose to contribute to. My legislation amends the Tuition Account Programs and College Savings Bond Act to build on the benefits of these college savings plans as follows:
Hundreds of thousands of Pennsylvania families utilize college savings plans to prepare for the financial investment of higher education – be it for themselves, their children, their grandchildren or other family members. College costs have risen significantly in recent years across the nation at public and private colleges where many of Pennsylvania families send their children to college. It is about time that we make these updates and enhancements available to Pennsylvania families and their hard earned college savings accounts.
- Current Pennsylvania law protects the Pennsylvania sponsored college savings plans from creditors. My legislation will extend this protection to any college savings plan a Pennsylvania family has chosen, regardless of the sponsoring entity.
- Currently, only the Pennsylvania sponsored college savings plans are excluded from state funded student loan and aid eligibility determinations. My legislation will provide that assets in any college savings plan will be excluded from student loan and aid eligibility determinations for any programs administered by an agency of the Commonwealth of Pennsylvania.