One-year-old Chesten McKoy of Philadelphia was one of the first babies whose parents accessed the $100 education savings account Pennsylvania now provides to every baby born to state residents. His parents, profiled on NBC Nightly News, explained how meaningful this is to them since together the college graduates have about $100,000 in student loan debt.
âI donât want him to go through that,â his mother, Halston, explained.
The McKoys received the $100 starter deposit through Pennsylvaniaâs Keystone Scholars program. The funds are invested by the Pennsylvania Treasury Department in a pooled PA 529 account. Children have until the age of 29 to use the money for tuition or other related expenses at a college, vocational or technical school.