October 2023
New Manager of Keystone Scholars
Treasurer Stacy Garrity recently welcomed Karen McDermott as the new Manager of Children’s Savings Accounts to oversee the Keystone Scholars Program. Prior to joining the Treasury Department, Karen served as Senior Director, Membership at the Pennsylvania Bankers Association where she was responsible for member engagement, financial literacy and assisted in developing workforce initiatives. In her new role, Karen will manage new program and partner development, including operations, data analytics, and evaluation functions. She will coordinate closely with Treasury’s outreach, marketing and operations staff to implement and raise awareness of Keystone Scholars, with goals of increasing parental expectations for their child’s education, supporting the development of a future-focused identity in children, and encouraging parents to save early in a PA 529 College and Career Savings Program account.
Please feel free to reach out to Karen, kmcdermott@patreasury.gov, with any questions about the program or how to become a partner or Champion of Keystone Scholars.
Keystone Scholars Fast Facts:
| Total accounts funded: | 578,595 |
| Percentage of babies with accounts funded (since January 1, 2019): |
100% |
| Total accounts registered: | 64,539 |
| Percentage of registered accounts with linked PA 529: | 23.99% |
| Cumulative contributions of accounts with linked PA 529: | $68,943,978 |
Become A Keystone Scholars Champion
We are calling on organizations dedicated to the enrichment of Pennsylvania’s children to spark interest in serving as a Keystone Scholars Champion. Champion organizations can help with awareness regarding Keystone Scholars and can solidify their support by helping grow educational savings for cohorts they determine. Funding can connect with pre-set milestones like, educational achievements, health markers, parental support, educational growth, community involvement and more. If your organization is interested in leading educational support for children in your community, please review this newly designed Champion Flyer to learn more.
CSAs in the News
San Francisco‘s K2C Savings Program’s first cohort of students goes to college!
San Francisco’s Kindergarten to College program (K2C), founded in 2011, automatically opened a savings account seeded with $50 in public funds for every child entering kindergarten in San Francisco’s public schools. This year, the first cohort of students have graduated and are able to use their savings for college, trade/vocational school or apprenticeship or training programs.
Read more here: https://www.cnbc.com/2023/09/09/san-francisco-k2c-savings-program-first-cohort-of-kids-goes-to-college.html
California’s CalKIDS Program is celebrating a major milestone: 200,000 children registered!
Since the program launched in August 2022, the CalKIDS team has partnered with schools, community-based organizations, government agencies, and more to raise awareness of the program. These efforts have helped over 200,000 students and families across California gain access to their state funded CalKIDS account and kickstart their savings journey for higher education.
CalKIDS gives children in California a jumpstart on saving for college or career training. Families are encouraged to build on this investment by opening and contributing to a ScholarShare 529 (California’s 529 program) account of their own in order to see their college savings balances all in one place.
Partner Spotlights
Catholic Social Services, Philadelphia
On September 9, 2023, Catholic Social Services, Philadelphia (CSS) welcomed new and expecting mothers to “The World’s Greatest Baby Shower” at the Archdiocesan Pastoral Center on 17th Street in Philadelphia. CSS handed out over 1,700 free baby care items, including diapers, clothes, bottles and self-care bags to nearly 500 new and expecting mothers. CSS also provided parenting classes and an opportunity for Treasury to introduce and register families for Keystone Scholars.
Children’s Hospital of Philadelphia
Children’s Hospital of Philadelphia (CHOP) has been a strong supporter of Keystone Scholars through their Medical Financial Partnership program which aims to provide healthcare for families as well as supporting their financial health. The University of Pennsylvania’s Leornard Davis Institute of Health Economics posted a blog regarding CHOP’s study of low-income caregivers’ perspectives on universal statewide education savings accounts and suggestions on how to boost enrollment.
PA 529 College & Career Savings Plans
Keystone Scholars is a great way to help parents get into the mindset of education savings. Pennsylvania has two 529 College & Career Savings Plans Available. These plans can be linked to Keystone Scholars accounts and families can watch them grow side by side. Treasury has data available on registration and linking rates here.
PA 529 accounts are designed to help PA families steadily and strategically save for future educational expenses. Treasury offers two plans; the PA 529 Guaranteed Savings Plan, which allows you to save at today’s tuition rates to meet tomorrow’s tuition costs, and the Morningstar Sliver rated PA 529 Investment Plan that offers a variety of investment options. PA 529 plans have significant state and federal tax advantages and can be used for a wide variety of qualifying technical, collegiate, apprenticeship and K-12 educational expenses. To learn more, visit pa529.com or call (800) 440-4000.
Keystone Scholars Partner Resources
Our website has partner resources and supplies, such as print, video, PowerPoint slides and e-resources, or you can contact us for in-person and virtual presentations. Let us help the kids in your community start their savings journey!
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