Saving money for college in today’s economy can seem like an impossible task. The U.S. economy is slowly trying to rebuild itself out of a recession while colleges and universities are increasing tuition rates every year.
How is one expected to save for college when tuition rates are constantly rising?
The first step is to establish a savings plan.
The Pennsylvania Treasury Department, a client of Bravo Group, is trying to help Pennsylvanians and their families save money for college.
The primary responsibility of the department is to protect the state’s financial assets–more than $120 billion of public funds–while also promoting programs focused on helping Pennsylvanians achieve and maintain financial stability and success.
The Treasury sponsors the PA 529 College Savings Program, a tax-advantaged way to help families save for their children’s or grandchildren’s college education.
This program was designed to help relieve Pennsylvania families of the financial burden saving for college brings.
The program offers two plans: the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP).
Through the GSP plan, families can participate in low-risk savings because investment growth is tied to the rate of college tuition inflation. The IP plan provides families with an investment return determined by financial markets; families have 13 investment options to choose from when selecting this plan.
Both plans allow families or plan beneficiaries to use the funds toward tuition for many colleges, universities, technical and career schools in and outside of Pennsylvania. The funds can also be used for certain room and board costs, required books and supplies, fees, and special needs services.
In the last year, Bravo Group has been instrumental in helping Pennsylvanians learn more about the Treasury’s PA 529 College Savings Program.
Bravo’s print and online marketing efforts helped the Treasury increase the number of enrollees in the PA 529 College Savings Program; Bravo will continue to work with the Treasury Department to market this program.
There’s no need to stress about saving for a college education when programs such as the PA 529 can help. Saving whatever one can now toward an education is beneficial in the long run.
“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.”
– Thornton T. Munger
Bravo Group- Harrisburg Intern