Senator Yudichak has been a strong advocate throughout the years for measures providing financial assistance to help Pennsylvanians achieve their dreams through a higher education.
For more information, visit www.PHEAA.org.
Helping Families Save For College
In addition to facilitating financial assistance to students when they’re ready to attend college, Pennsylvania has also taken steps to encourage saving for college.
A recent law (SB 300, Act 67/2006) enables PA families saving for college through the use of the state’s TAP “529” Guaranteed Savings Plan — or any other so-called “529” college savings plan — to deduct up to $12,000 per beneficiary, per year in contributions to such plans from their state taxable income. The deduction is on top of the state and federal government’s exemption from taxation of the earnings in such “529” accounts as long as distributions are used for qualified higher education expenses.