Many financial advisors agree that 529 plans are one of the best ways for families to save for college. Many families across the country are finding that using a college savings plan to pay for college makes more sense than ever. All 50 states now offer these college savings plans. The specific requirements for establishing and withdrawing from a plan will vary by state, so please check with your state or visit www.savingforcollege.com for links to information for all the state plans.
Penn State does not request funds from College Savings Plans. To ensure funds arrive in a timely manner, follow all instructions provided by your College Savings Plan.
Pennsylvania 529 Guaranteed Savings Program (GSP)
In Pennsylvania, the Pennsylvania 529 College Savings Program will send funds to Penn State after you provide them a copy of your tuition statement. If you are planning on using PA 529 GSP funds for the upcoming semester, please see the instructions below:
- After you receive an e-mail notification that your tuition bill is available, follow the steps below:
- Log in to your Student Home in LionPATH
- Click on "My Finances" on top of the page
- Select "Manage My Account/Make A Payment" to get to your Student Account Dashboard
- Select "Statements" on the left side menu
- Click "Save" to download and save a PDF copy of the tuition bill for the account owner to submit with the Payment Authorization Form (PAF) or with an online qualified withdrawal.
If the PA 529 GSP will only be paying a portion of the bill, make sure you pay the remaining balance by the due date.
Account owner instructions:
- Complete the Payment Authorization Form (PAF) mailed to you by PA 529 GSP or access your account online at www.pa529.com to print a PAF or complete a qualified withdrawal online.
- If completing a qualified withdrawal online, upload an electronic copy of the tuition bill (see #4 above).
- If completing a paper PAF, mail or fax both the PAF and the copy of the tuition bill to PA 529 GSP.
PA 529 Guaranteed Savings Program
Guaranteed Savings Plan
PO Box 55463
Boston, MA 02205-5463
Please note: Penn State cannot request funds on behalf of the account owner. Therefore, please DO NOT mail your PAF to Penn State.
PA 529 GSP mails PAFs in July or early August (after the rates are set at PA 529) for the fall semester and in October for the spring semester. Summer PAFs are provided upon individual request. Additionally, a PAF can be obtained online at www.pa529.com or by calling 1-800-440-4000.