September 11, 2020 Keystone Scholars Helps Families Save for Higher Education In 2019, the Pennsylvania Treasury Department started investing $100 for every baby born or adopted in Pennsylvania to be used for the baby’s future higher education expenses through a new program called Keystone Scholars. About the Program To encourage families to plan early for their child’s future education, Keystone Scholars will provide $100 to all babies born or adopted in Pennsylvania on or after January 1, 2019. With Pennsylvanians currently having the highest debt load per person of any state in the nation, Keystone Scholars is meant to help families jumpstart their education savings as soon as possible. Studies show that a child with education savings is three times more likely to enroll in a two- or four-year college and is four times more likely to graduate. The $100 will be invested by the Pennsylvania Treasury Department and will grow through the years right alongside your child. The Keystone Scholars account can be used for qualified expenses when your child pursues education after high school. These expenses include tuition, fees, books, and more at vocational and technical schools, community colleges, two-year colleges, and four-year colleges. Eligibility All children born to or adopted by a Pennsylvania family on or after January 1, 2019. Requirements The child must be a Pennsylvania resident at birth and at the same time that Keystone Scholars funds are used. For babies born in or after 2019, families must create a PA 529 College and Career Savings Program Account in their child’s name before using funds from their Keystone Scholar account. Funds not used by the beneficiary’s 29th birthday will be returned to Pennsylvania’s Treasury Department. Registration To register, visit the Keystone Scholars website. New and expecting parents will be able to register for online access within 3-4 months after the child’s birth using information from your child’s PA state birth certificate. Learn More To learn more about the program, visit the Keystone Scholars website or call 800.440.4000. The following recorded webinars are available as well to answer frequently asked questions. Share this informational PDF with your network.
