If you live in Pennsylvania and plan on having or adopting a baby, you’re going to want to know about the Keystone Scholars program. The initiative gives all babies born or adopted after Dec. 31, 2018 $100 to add to their savings. There’s just one catch—it has to be used towards your kid’s higher education.
Keystone Scholars is Pennsylvania’s way of investing in your little one’s future. The program was started in hopes its youngest residents will be more likely to complete some form of education after high school. The idea is if parents are given a tiny push to start their child’s school savings at a young age, they’ll make small investments their whole lives that’ll eventually add up.
The $100 is invested by the Pennsylvania Treasury Department and grows with kids through the years. Parents can use the Keystone Scholars account for qualified expenses when kids pursue higher education, including tuition, fees, books and more at vocational or technical schools, community colleges, two-year colleges, four-year colleges and more.
If you don’t live in PA, there are still a bunch of ways you can get a head start on your little one's college savings. Check out The Bump’s tips on how to save and the lowdown on types of college savings accounts so you can get ahead on saving for your kid’s college.
Having a kid is expensive. If you’re planning or hoping a baby will be joining you in the near future, it’s never too early to get a handle on all of your finances. This checklist will help get you started.