HUNTINGDON COUNTY, Pa. (WTAJ) – Juniata College welcomed a special visitor to their campus today. Pennsylvania State Treasurer Stacy Garrity stopped by to take a tour, speak with students and promote the PA 529 College and Career Savings Program; the name “529” refers to Section 529 of the IRS tax code.
The plan is designed to help families save for education in a tax advantaged way.
“Why it’s so important is that every dollar saved now, is less that somebody has to spend down the road. Savings in a 529 they don’t impact your student aid financial eligibility, they’re exempt from inheritance taxes, the withdraws are tax free, the contributions grow, that’s also tax free,” said Garrity.
According to Garrity, the program is not just for 4 year colleges, but community colleges, technical schools, qualified apprenticeship programs and some K-12 expenses.
In the last fiscal year she says $732,000,000 have been saved.
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