Savings Account Available for All PA Newborns
All babies due, born, or adopted in Pennsylvania in 2019 are receiving an investment in their future learning via a Child Savings Account (CSA) program provided by the Pennsylvania Treasury Department.
Research from Washington University in St. Louis shows that a baby with an education savings at birth is more likely to pursue and complete some form of education after high school. Due to these findings, The Pennsylvania Treasury Department is investing $100.00 in the Keystone Scholars CSA for every baby born or adopted in 2019 to be used for future higher education expenses. The Scholars account will be able to cover qualified expenses including tuition, fees, and books at a:
vocational or technical school;
four-year college; and
Families who have a new baby born or adopted in 2019 do not need to do anything to claim the $100.00 CSA. Keystone Scholars does recommend that parents open an online account. The online account allows families to track the growth of their child’s funds and link it to a PA 529 account if applicable.
New and expecting parents can pre-register for online access. New parents may register within three to four months after the child’s birth using information from their child’s Pennsylvania state birth certificate.
Before the child may use the Keystone Scholars funds, a parent must open a PA 529 account for as little as $15. Currently, seven percent of Pennsylvanians are registered for the PA 529 program. For more information on the PA 529 College and Career Savings Program visit PA529.com.
Keystone Scholars is privately funded through generous support from the philanthropic community. Other states including Nevada, Rhode Island, Connecticut, and Maine also have higher educational savings plans like Keystone Scholars.