Stack: Program Helps Parents Save for Child’s College Tuition

HARRISBURG, OCT. 5, 2009 - Parents now have a unique and cost-effective opportunity to start saving for their child’s tuition, according to state Sen. Mike Stack.

Individuals who open a Pennsylvania 529 Guaranteed Savings Plan (GSP) account now through Oct. 13 will receive free enrollment, a $50 savings. Families may also qualify for a $25,000 Scholarship Sweepstakes.

“College tuition is a huge expense for most families, so the earlier you can start saving, the better,” Stack said. “Having a GSP account is an easy and effective way for parents to put away money and manage their savings so that their children have the opportunity to continue their education.”

GSP is a state-run college savings program, operated by the Pennsylvania Treasury Department, which allows families to save enough money for a semester of college today and use those funds to pay for college tomorrow. Contributions are deductible on state income tax, earnings are tax-deferred, and withdrawals are tax-free as long as they’re used for qualified educational expenses. Participation is open to all Pennsylvania residents.

“This is a secure way to help parents save for their child’s higher education,” Stack said. “Even in this tough economy when families are scaling back, higher education is still attainable thanks to GSP.”

For more information about the Pennsylvania 529 GSP program, visit the senator’s Web site, www.senatorstack.com, and click on the “College Savings Program” link.

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