With a GSP account, families can save in a way that meets nearly every need and budget. You can use your account for
most expenses at almost
any college and many career schools.
- You put in as little or as much money as you want - You may open an account with as little as $25 and make minimum subsequent contributions of $25 whenever you want. Make saving even easier by setting up automatic payroll deduction or deductions from your bank account. The maximum contribution limit for all nowU account(s) for the same beneficiary is $368,600 . Once the accrued account balance(s) for a beneficiary reach this limit, no additional contributions are allowed.
- Flexibility to use your account at almost all colleges and many career schools - Accountant, hairdresser or rocket scientist? It doesn't make a difference. Nearly all colleges, universities, community colleges, law, medical or business schools qualify. Many career or technical schools and schools abroad are eligible as well. Eligible Educational Institution
- Use your GSP account to pay for tuition, certain room & board costs, and required books and supplies - Qualified higher-education expenses include all these items as well as required equipment, mandatory fees and special needs services. Qualified Expenses
- No income restrictions - It doesn't matter what your income is - any U.S. legal resident 18 and older can open a GSP account, so long as either the Account Owner or the Beneficiary is a resident of Pennsylvania.
- Anyone can contribute - Parents, grandparents, aunts, uncles and family friends can all help cover the cost of your child's college education.
- It's affordable - The GSP has low fees. A one-time enrollment fee of $50 is charged. But a discount to just $25 is available by enrolling online. Additional discounts may be available through your employer or your child's school. And, the enrollment fee is waived if an account is opened within six months of a child's birth or adoption. There is an annual $25 account maintenance fee that is waived for accounts with automatic payroll deduction or automatic deduction of at least $25 per month from your bank account.
