|Posted:||February 6, 2019 01:35 PM|
|From:||Representative James R. Roebuck, Jr.|
|To:||All House members|
|Subject:||Recognizing May 29, 2019 as "College Savings Day "|
|Today, student loan debt is higher than both credit card debt and auto loans. In the U.S. alone, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loans. Currently, Pennsylvania ranks the sixth highest in student loan debt, with 1.7 million borrowers owing a total of $53.7 billion. When it comes to highest average debt, Pennsylvania ranks second, at $35,759.
The Commonwealth recognizes the importance and challenges of saving for college. “College Savings Day” on May, 29th will further encourage families and children to save for their educational future by reminding them that there are available programs designed to save for college. The Tap 529 Program and the Keystone Scholars Program can provide different methods of saving for the future.
Tap 529 or The Pennsylvania 529 College and Career Savings Program provides a tax advantaged way for families to save for education. The program offers two plans: the PA 529 Guaranteed Savings Plan (GSP), which ties growth to the rate of college tuition inflation, and the PA 529 Investment Plan (IP), in which investment returns are determined by financial markets.
Through the Keystone Scholars Program, the Pennsylvania Treasury is investing $100 for every baby born or adopted in 2019 to be used for the baby’s future higher education expenses. A baby with education savings at birth is three times more likely to pursue and complete some form of education after high school.
The Pennsylvania 529 College and Career Saving Program has already helped tens of thousands of families make college possible. I hope that you will join me in helping thousands more save for a brighter future by highlighting the importance of saving for college.
Introduced as HR264