Kavulich: Parents can start saving for college – for free – with PA 529
HARRISBURG, Nov. 24 – State Rep. Sid Michaels Kavulich, D-Lackawanna, urged parents of future college students – even ones still in diapers – to consider starting a new college savings account with significant tax advantages by using Pennsylvania’s PA 529 College Savings Program.
“No matter how old your child is, college will be here before you know it, and with student debt continuing to skyrocket this savings plan will give you peace of mind and help your child’s financial future after graduation,” Kavulich said. “And now that the state is offering free enrollment through Dec. 31st, it’s the perfect time to get the facts and find out if the program is right for your family.”
Kavulich said that families interested in enrolling should visit www.pa529.com and use the offer code “KAVULICH” when prompted – and as a bonus all families registering could win an account already loaded with $529.
The Pennsylvania Department of Treasury started this plan to help parents pay for future college costs by letting account owners save for tomorrow’s college expenses at today’s plan rates – without worrying about the ups and downs of the stock market.
Pennsylvania also offers a second 529 plan, the PA 529 Investment Plan, with returns based on financial market performance. The PA 529 IP features low fees and more than a dozen conservative and aggressive investment options from The Vanguard Group, one of the nation’s largest financial services companies. There is no enrollment fee for the PA 529 IP.
“You can deduct contributions to either plan from your state income taxes, plus the contributions grow tax free, and are state and federal tax-exempt when used to pay for qualifying college expenses at schools across the state and nation,” Kavulich said. “If higher education is in your child’s future, a PA 529 plan could be a huge help.”
To learn more about the financial details of either plan, or to open or contribute to an account, visit www.PA529.com or call 1-800-440-4000.