July 18th, 2023 by WCBC Radio

While Maryland is struggling to straighten out its college savings plan after incorrect information was released regarding dividends, Pennsylvania is actually cutting some fees for its 529 savings program. State Treasurer Stacy Garrity announced that fees will now range from 0.1925% to 0.2925% annually, depending on the investment chosen. The drop is 0.0125 points.  Garrity said that contributions to a 529 account are tax-deductible and funds are tax-free when withdrawn. Accounts are invested through Vanguard, offering a number of portfolio options including funds targeted to the student’s expected enrollment date. Families can use the funds for tuition and other education expenses.