Pa Treasury announces college savings grant program that begins at birth
For many families, the thought of saving for college can be daunting, especially for Pennsylvanians. Financial experts say the Commonwealth is the worst state for student loan debt. Costs continue to skyrocket.
A new program, announced by Pennsylvania Treasurer Joe Torsella Monday, is aimed at creating a culture of saving early on.
The Keystone Scholars Demonstration Project is an important step in giving the next generation a fighting chance, Torsella says. The program is an automatic savings account. Through the program, PA Treasury will invest $100 for every baby born or adopted to families who live in the demonstration project counties in 2018 and 2019.
Right now the project is available in six counties: Luzerne, Westmoreland, Elk, Indiana, Mifflin and Delaware.
"With this demonstration project, we'll bring these grants to 30,000 newborns and we'll develop the necessary expertise to bring this project to scale because this idea is too good to be limited to just six counties. Every child in Pennsylvania deserves that bright future," Torsella says.
Through a partnership with the Pennsylvania Higher Education Assistance Agency and other entities, more than $2 million has been raised for this project.
Treasurer Torsella says college costs have risen 80 percent in the last 12 years. With this program, he hopes families can get a jumpstart on saving for the future.
"When parents look at their kids, they don't see the costs of tomorrow's education," he says. "They see the future's carpenters, teachers, police officers and engineers. They see everything their child could do and everything they could be if they were given the chance. And that's exactly how we should see all of Pennsylvania too."
You can go online to register and claim your $100 grant here.
Torsella says bipartisan legislation efforts are underway to make this available to all Pennsylvanians.