Feature News

Avoid higher tuition rates; contribute to the GSP by September 12

HARRISBURG, Pa., Aug. 31 /PRNewswire-USNewswire/ -- Pennsylvania Treasurer Rob McCord is extending the deadline for families to contribute money to a Pennsylvania 529 Guaranteed Savings Plan (GSP) account at the 2008-2009 tuition rates.

The GSP sets new credit rates at the start of each academic year based on new tuition charges at higher education institutions. These new, higher rates were set to go into effect on September 1. This year, however, Treasurer McCord is keeping the old, lower rates in place until September 12.

Families can avoid the higher credit prices by making a contribution to the GSP before the extended deadline when the new rates take effect. Contributions sent by mail must be postmarked on or before September 12 and online contributions must be made by 10:00 p.m. EDT on September 12 at www.MakeCollegePossible.com.

New accounts opened through October 13 will receive free enrollment - a $50 savings.

Treasurer McCord also reminded families that there's even more incentive to save now with the GSP: a $25,000 Scholarship Sweepstakes. In addition to the $25,000 scholarship grand prize, four runner-up families each will receive a $2,500 scholarship. All winners will be chosen at random and will be announced to the public on or around October 28, 2009. Entrants do not have to be 529 College Savings Program Account holders to be eligible. Complete sweepstakes rules can be accessed at www.MakeCollegePossible.com.

Sponsored by the Commonwealth of Pennsylvania and administered by the McCord Treasury, the GSP is a college savings plan which grows based on tuition inflation. Families saving through the GSP receive tax-deferred growth on earnings and tax-free withdrawals when funds are used for qualified educational expenses.

For more information on the GSP, visit www.MakeCollegePossible.com or call 1-800-440-4000, Monday through Friday, 8:00 a.m. to 6:00 p.m.

Pennsylvania Treasurer Rob McCord is committed to managing the Commonwealth's assets for the benefit of all Pennsylvanians. A respected business leader, McCord is focused on strengthening the state's economy, enhancing the financial security of Pennsylvanians, and increasing the efficiency and transparency of the Treasury. To learn more about Treasurer McCord's initiatives and programs, please visit the Pennsylvania Treasury Department at www.patreasury.org.