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The minimum contribution to open a PA 529 College Career Savings Program has changed twice since July 2020, shifting from a $10 minimum to a now $1 minimum, according to the Pennsylvania Treasury.

Once a PA 529 account is opened, contributions can be any amount greater than $1. Contributions to PA 529 accounts can be submitted online via electronic bank transfer, through the mail by check or money order, or by setting up an automatic deposit from a bank or paycheck.

PA 529 offers account owners tax benefits and a variety of plans to find one that best suits their budget. Assets saved in PA 529 accounts have no impact on Pennsylvania state financial aid eligibility.

PA 529 savings can be used for tuition payments, as well as fees, equipment, books, room and board, and other qualified higher education expenses.

PA 529 account owners can choose to save with the PA 529 Investment Plan (IP) or the PA 529 Guaranteed Savings Plan (GSP).

Both plans offer the same tax advantages including a Pennsylvania state income tax deduction, no taxes paid annually on earnings, no income tax paid on growth when used for qualified expenses, as well as gift and Pennsylvania inheritance tax benefits.

To learn more visit pa529.com.

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