HARRISBURG, PA — Pennsylvania families have accumulated more than $10 billion in education savings through the state’s PA 529 program, a milestone that underscores the growing role of tax-advantaged savings plans as households prepare for rising education and workforce-training costs.
According to the Pennsylvania Treasury, assets in the PA 529 College and Career Savings Program exceeded $10 billion for the first time. The program, which has operated for more than three decades, allows families to save for a range of education-related expenses, including college tuition, technical schools, apprenticeships, credentialing programs, and certain K-12 costs.
The asset milestone reflects contributions and investment growth across nearly 340,000 accounts held by Pennsylvania families.
According to Treasury data, the program currently includes 339,958 accounts with combined assets exceeding $10 billion. The PA 529 Investment Plan accounts for the majority of those assets, with more than $7 billion spread across 219,228 accounts. The PA 529 Guaranteed Savings Plan holds nearly $3 billion in assets across 120,730 accounts.
The growth comes as families face continued pressure from education expenses and increasingly seek tax-advantaged savings vehicles to fund future training and educational needs.
Treasurer Stacy Garrity said the program’s asset growth reflects long-term participation by Pennsylvania families.
“The fact that families have saved more than $10 billion is a remarkable achievement and it demonstrates the trust that Pennsylvania families have placed in Treasury’s PA 529 program for more than 30 years,” Garrity said.
Treasury also said fee reductions implemented since Garrity took office have generated more than $22 million in savings for account holders.
The $10 billion total includes assets held through Keystone Scholars, a state program that provides scholarship funding to children born in Pennsylvania beginning in 2019. Treasury reported that Keystone Scholars accounts now hold nearly $100 million, while families who linked those accounts to PA 529 plans have accumulated more than $200 million in additional savings.
Pennsylvania’s 529 plans offer tax-free growth and tax-free withdrawals for qualified education expenses under federal and state law. State residents may also deduct eligible contributions from Pennsylvania income taxes.
The two plans available to savers differ in structure. The Guaranteed Savings Plan allows account holders to save based on future tuition costs, while the Investment Plan offers market-based investment options.
Additional information about the program is available at pa529.com or by calling 800-440-4000.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.