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Kick-start newborn’s college savings fund with $100 — for free!

by Rep. Mark Rozzi

Kick-start newborn’s college savings fund with $100 — for free!

One of the smartest investments you can make in your newborn child’s future is to start a college fund—and the Commonwealth of Pennsylvania is here to help. The Keystone Scholars program launched Jan. 2019 and guarantees that every newborn or baby adopted after Dec. 31, 2018, will get $100 to start their college savings once enrolled in the program.

All you have to do is open an account here, and then wait for a letter from the PA Treasury with instructions on completing the online process.

Did you know that studies show that a baby with higher education savings from birth will be three times more likely to enroll in education or training after high school and four times more likely to graduate?

If you save $25 a month, by the time your child turns 18, you will have saved $10,000. You can use these funds for any qualified higher education expense at an approved institution of higher education, including trade schools, vocational programs, community colleges, and universities in or outside Pennsylvania.

The Commonwealth also offers a smart, tax advantaged way for families to save for education at college or career schools: the Pennsylvania 529 College and Career Savings Program. The Program offers two plans: the PA 529 Guaranteed Savings Plan (GSP), where growth is tied to the rate of college tuition inflation, and the PA 529 Investment Plan (IP), in which investment returns are determined by financial markets.

Don’t miss out on these great opportunities to start investing in your child’s future!