Pennsylvania OKs new college saving grants for newborns


Make text smaller Make text larger



Photos





Pennsylvania is starting a program proposed by state Treasurer Joe Torsella to provide college savings accounts for newborns, beginning with a $100 grant.

Torsella said on June 25 that the program will be open to any child starting next year who is a Pennsylvania resident at birth or adopted by a Pennsylvania family. Parents will be notified about the account set up for them.

Gov. Tom Wolf signed the program into law Friday.

It's projected at a $14 million annual cost for an average of 140,000 births per year and Torsella says it can be financed by donations and surpluses in Pennsylvania's existing college savings program.

The Treasury Department will invest the money and income it earns can be spent on a range of post-high-school education needs until the child reaches age 29.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

'Good Samaritan' law needed for alcohol overdoses too
Immunity from prosecution for those reporting a drug overdose is the law in 40 states, including Pennsylvania and New Jersey. Simply stated, if you act in good faith in calling...
Read more »

Share the Harvest brings community together in support of food pantry
By Frances Ruth Harris
— The 11th annual Share the Harvest Dinner on Sept. 17 drew a hungry and giving crowd to St. Patrick's...

Read more »
Image

(No heading)

Read more »
Image

Remembering John Filone, an extraordinary host
By Ginny Privitar
— The Milford community is mourning the passing of John Filone, one of three brothers who purchased the Mount...

Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST COMMENTED



Weather in Milford, PA