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FOR IMMEDIATE
RELEASE Erickson: nowU College Savings Program Can Help Make College More Affordable Guaranteed tuition rates and managed investments provide tax benefits. Harrisburg – State Sen. Ted Erickson (R-26) is encouraging students and parents planning for college education to check out Pennsylvania's revamped tuition account plan, the nowU College Savings Program. Formerly known as TAP 529, nowU offers two ways to pay for college: a Guaranteed Savings Plan in which money is guaranteed to keep up with the rate of college tuition inflation, or the Investment Plan, which includes an array of 13 professionally managed portfolios. "Paying for college is a real challenge, but it's important to know that help is available," said Erickson. "Since being passed by the General Assembly 15 years ago, Pennsylvania's Tuition Account Program has helped more than 25,000 college students pay for their education, with more than $367 million in assistance." Participants can contribute whenever they want, in whatever amount, starting with as little as $25 at a time, Erickson said. Pennsylvania taxpayers can deduct contributions to a nowU account from their Pennsylvania taxable income up to $12,000 per beneficiary per year. For married couples, contributions up to $24,000 per beneficiary are deductible, provided each spouse has taxable income of $12,000. For more information, visit www.nowU529.com.
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