"With no proposed increase in next year's state budget for funding to state-supported colleges and universities, tuition will likely - once again - rise for many of
The PA 529 Program provides two ways to save: the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). The primary difference between the two plans is the way savings grow.
Growth in the PA 529 GSP is based on tuition inflation. For example, someone who saves enough for a semester at one of
Returns in the PA 529 IP are based on financial market performance. The PA 529 IP features low fees and more than a dozen conservative and aggressive investment options from Vanguard, one of the nation's largest financial services companies. The number of open accounts increased by nearly 10 percent compared to 2012, and contributions were up nearly 18 percent.
The amount the program has paid out for students' college expenses also increased by nearly 8 percent since 2012. Since the program's inception, more than 70,000 students have used their accounts to attend more than 2,000 schools. Nearly
Also notable in 2013, Treasurer McCord lowered fees by up to 30 percent for the PA 529 GSP and 22 percent for the PA 529 IP, which represents a 44 percent reduction in fees since he took office in 2009. As a result of these reductions, PA 529 account owners are projected to save
"According to the most recent Project on Student Debt study issued in December,
"Some form of higher education has become an economic necessity. I understand budgets are tight for many families, but even small contributions to a PA 529 account will help you meet the growing costs of higher education," he added.
Visit www.PA529.com or call 1-800-440-4000 to contribute to or open a PA 529 account.
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