New program automatically invests $100 toward college savings for PA babies

Babies born in Pennsylvania or adopted by Pennsylvania residents, starting on Jan. 1, will automatically receive a college savings account that has a $100 deposited into it.

The Keystone Scholars program is intended to provide seed money to encourage families to save for the child’s post-secondary education, which is increasingly becoming a requirement in the 21st century workforce. 

According to University of Kansas associate professor William Elliott, who has written extensively on children’s savings accounts, children who have even small savings accounts for college are seven times more likely to attend and graduate from college than those who have no savings accounts.