Legislation to establish the Keystone Scholars program was unveiled in Harrisburg Monday by Sen. John Gordner (R-Columbia), Sen. Vincent Hughes (D-Philadelphia) and State Treasurer Joe Torsella.
Under the program, every child born in Pennsylvania would receive an automatic, one-time $100 scholarship payment to his or her own PA 529 savings plan. That money will compound over time and would assist in paying for post-secondary education or job training costs in the future.
The program would be administered by the state Treasury Department and be funded through investment returns from its Guaranteed Savings Plan, as well as philanthropic endowments.
“Millions of jobs have been added since the end of the Great Recession in 2009,” said Sen. Gordner. “A vast majority of those jobs require some sort of post-secondary education, whether it be a college education or training attained through a trade or technical school. These funds would become the seed for achieving that necessary education and demonstrates the Commonwealth’s strong partnership with every young person in our state.”
A related demonstration program, to be carried out by the Treasurer in six counties across the state, was also announced at the press conference. Luzerne County has been included in that initial program.
“I look forward to working with Treasurer Torsella, Sen. Hughes and the rest of my colleagues in the General Assembly to pass this important legislation and to give each of Pennsylvania’s children a head start on their future,” added Sen. Gordner.
NewsClip:
Murphy: Pilot Program Tosses In $100 To Begin Babies’ Savings For College
NewsClip:
Murphy: Pilot Program Tosses In $100 To Begin Babies’ Savings For College
