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PRINTER'S NO. 1807
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE RESOLUTION
No.
264
Session of
2019
INTRODUCED BY ROEBUCK, SONNEY, McCLINTON, KIRKLAND, RYAN,
MILLARD, READSHAW, HILL-EVANS, LONGIETTI, DiGIROLAMO, BURNS,
KORTZ, CALTAGIRONE, BERNSTINE, PASHINSKI, FREEMAN, NEILSON,
KINSEY, MURT, DALEY, MARKOSEK, OBERLANDER, MULLINS, STURLA,
GILLEN AND WEBSTER, MAY 14, 2019
INTRODUCED AS NONCONTROVERSIAL RESOLUTION UNDER RULE 35,
MAY 14, 2019
A RESOLUTION
Designating May 29, 2019, as "College Savings Day" in
Pennsylvania.
WHEREAS, Student loan debt is now the second highest consumer
debt category, behind only mortgage debt, and is higher than
both credit cards and auto loans; and
WHEREAS, Among college graduates in the class of 2017,
Pennsylvania graduates have an average student loan debt of more
than $35,000 per student; and
WHEREAS, The PA 529 College Savings Program helps
Pennsylvanians to reduce the need of borrowing and to save for
higher education through two distinct plans: the Pennsylvania
529 Guaranteed Savings Plan and the Pennsylvania 529 Investment
Plan; and
WHEREAS, Earnings on contributions to a college savings plan
are tax exempt provided they are used for qualified higher
education expenses; and
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WHEREAS, Since the inception of college savings programs,
more than 96,000 participants have withdrawn more than $2.8
billion in principal and earnings from the Pennsylvania 529
Guaranteed Savings Plan and the Pennsylvania 529 Investment Plan
to cover higher education expenses; and
WHEREAS, Through the Keystone Scholars, the Treasury
Department of the Commonwealth is investing $100 for every baby
born or adopted in 2019 to be used for the baby's future higher
education expenses; and
WHEREAS, A baby with education savings at birth is four times
more likely to graduate from high school and three times more
likely to pursue and complete some form of education after high
school; and
WHEREAS, Designating May 29, 2019, as "College Savings Day"
serves to increase public understanding and appreciation of the
value of saving for higher education through the PA 529 College
Savings Program and the Keystone Scholars Program; therefore be
it
RESOLVED, That the House of Representatives designate May 29,
2019, as "College Savings Day" in Pennsylvania.
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