State Offers Incentive for College Savings Account

SCRANTON, Pa. -- The state is offering a new incentive to get parents to save for their child's higher education.

State treasurer Joe Torsella was at the outreach center for community resources in Scranton today to announce the expansion of the PA-529 Program.

Any child born after January 1, 2019 will receive $100 from the state to start their PA-529 savings account.

The hope is that more families will enroll, regardless of their financial status..

"I want to knock the stuffing out of this myth that 529`s, that`s something for rich people who have financial advisors, this is for every family, it`s for families at every income level and even a tiny amount of savings can make a big difference," Joe Torsella Pa State Treasurer.

Torsella says that PA-529 program has been around for 20 years but right now, only 8 percent of Pennsylvanians are taking advantage of it.

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