Tres. Stacy Garrity Visits the School of PNG to discuss Educational Funding
Today, Pennsylvania Treasurer Stacy Garrity visited the Lackawanna College School of Petroleum and Natural Gas at the Tunkhannock Center to meet with local representatives and discuss her plans for educational opportunities and economics in the region.
Treasurer Garrity discussed how the PA 529 College and Career Savings Program is an important tool to help with workforce development. The program also serves as a financial aid opportunity for families to make education of all types more affordable.
“The Pennsylvania 529 plan is a great benefit for families and our communities,” said Sue Gumble, Director of the Lackawanna School of Petroleum and Natural Gas. “A career in the energy industry can be life-changing. This program financially prepares students for college, providing them with the means to pursue a degree and graduate- prepared to enter the workforce.”
The PA 529 College and Career Savings Program offer families two types of plans to choose from, the PA 529 Guaranteed Savings Plan (GSP) and the PA 529 Investment Plan (IP). The GSP earnings are based on tuition inflation, while the IP account earnings are based on financial market performance. Both PA 529 program plans offer the following:
- Tax benefits that include state income tax deductions on contributions
- PA state and federal tax-free contribution growth
- No income tax paid on account growth when used for qualified expenses
- Gift and inheritance tax benefits
“Lackawanna College’s School of Petroleum and Natural Gas is a crucial resource here in the northeast, where these industries need highly skilled workers,” Garrity said. “Programs like Treasury’s PA 529 program can help make education more affordable for students by offering tax-advantaged savings options to help pay for any type of higher education, including the many certificates and two-and four-year degrees offered right here in their own backyard.”