HARRISBURG, PA — More than 100,000 Pennsylvania families have claimed $100 state-funded scholarships for their children, totaling $10 million in education savings through the Keystone Scholars program, state officials said Wednesday.
What This Means for You
- If your child was born in 2019 or later, they may qualify for $100
- The money is invested and can grow until the child turns 18
- Funds can be used for college, trade school, or apprenticeship costs
The program, administered by the Pennsylvania Treasury, provides $100 to every child born in the state in 2019 or later, including children who are adopted. The funds are automatically invested and can be used for qualifying education expenses once the child reaches adulthood.
Keystone Scholars is designed to encourage early savings for education. Officials said the accounts can be used for a range of post-high school expenses, including college tuition, technical training, apprenticeship programs and industry-recognized credentials.
“Keystone Scholars gives families a jumpstart on savings and lets them know that we’re here to support their child’s bright future,” State Treasurer Stacy Garrity said. “I’m thrilled that so many families have claimed their child’s accounts, and I hope other families will do the same.”
How the Program Works
The $100 deposit is invested by the Treasury and grows over time. Families do not need to contribute their own money to receive the initial scholarship.
Officials said no taxpayer dollars are used to fund the program.
Research cited by the Treasury indicates that children with even small amounts of dedicated education savings are more likely to pursue and complete post-secondary education.
Additional Savings Options
Treasury officials are also encouraging families to open a PA 529 College and Career Savings Program account, which allows families to save additional funds with tax advantages.
According to the Treasury, families participating in PA 529 accounts have collectively saved more than $200 million for future education costs.
“Saving early and often is a smart way to plan for future education costs, no matter what a child’s career path may be,” Garrity said. “With Treasury’s Keystone Scholars and PA 529, Pennsylvania families have the tools they need to meet their savings goals.”
How to Claim the Scholarship
Families can learn more about the program and claim their child’s scholarship by visiting https://www.pa529.com/keystone.
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