To open or contribute to a PA 529 Guaranteed Savings Plan account, visit www.PA529.com or call 1-800-440-4000. Local families may use the code “Boscola” when they enroll online to have the $50 enrollment fee waived.
“This savings program, administered by the state Treasurer’s office, helps families afford a college education by spreading out costs over a longer period of time,” said Boscola, a Democrat who represents the 18th state Senate District, which includes all of Bethlehem.
The lawmaker said the contributions made to PA 529 plans are tax deductible and state and federal tax exempt when used for qualified education expenses.
“With the rising costs of a college education, the PA 529 plan can be a great asset for families to plan ahead and manage college costs,” Boscola said. “These savings plan accounts also enable other family members and friends to contribute to a student’s education.”
PA 529 contributions grow at the rate of tuition inflation. Boscola said that if a family saves enough for a semester at a state system university today, there will be enough to pay for another semester at the school in the future – regardless of tuition increases in the future.