Bethlehem, Aug. 19, 2011— Families hoping to save for college have a tax-smart way to keep pace with tuition increases through the state-run Pennsylvania 529 Guaranteed Savings Plan (GSP), state Sen. Lisa Boscola said today.

Families that enroll in the PA 529 GSP by Aug. 31 can take advantage of last school year’s lower prices, Boscola said.   Credit rates will increase September 1 to correspond with the tuition increases set by colleges and universities.

“The 529 College Savings Program is a great way for families to save for their child’s higher education,” Boscola said. “I encourage families to take advantage of this window, enroll online for free and start saving today to keep pace with these rising costs.”

She said free enrollment in the PA 529 Guaranteed Savings Plan is available through September.

Visit www.senatorboscola.com, click on the ”PA 529 logo” and use the coupon code SAVE NOW to have the $50 enrollment fee waived upon enrolling in the PA 529 Guaranteed Savings Plan.

The Pennsylvania 529 College Savings Program allows families to invest in their child’s college education through two plans: the PA 529 Guaranteed Savings Plan, in which growth is tied to the rate of college tuition inflation; and the PA 529 Investment Plan, in which investment returns are determined by financial markets.

“With tuition rates seemingly going up every year, this is an affordable and tax-advantaged college savings plan that students and their families should look into,” Boscola said.

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The Pennsylvania 529 College Savings Program sponsors two plans-the Guaranteed Savings Plan (GSP) and the Investment Plan (IP).  The guarantee of the PA 529 Guaranteed Savings Plan is an obligation of the GSP Fund, not the Commonwealth of Pennsylvania or any state agency.  Before investing in either plan, please carefully read that plan’s disclosure statement (available at www.pa529.com or by calling 1-800-440-4000) to learn more about that plan including investment objectives, risks, fees, and tax implications.