PHILADELPHIA, PA — Pennsylvania Treasurer Stacy Garrity paid a special visit to Children’s Hospital of Philadelphia’s (CHOP) Karabots Pediatric Care Center. The occasion? The fifth anniversary of the Children’s Savings Account (CSA) program known as Keystone Scholars, a significant milestone in laying the financial groundwork for Pennsylvania’s children.
A child born in Pennsylvania post-2019, or who has been adopted, is automatically gifted a $100 deposit to their Keystone Scholars account. This initial deposit forms the foundation of a fund primarily aimed at future education expenses. The Children’s Hospital of Philadelphia, a cornerstone in the community, has been an avid supporter of Keystone Scholars since 2021, actively advocating for the program to families they assist.
The value of partnerships in such a venture cannot be overstated. This sentiment was shared by Pennsylvania State Treasurer Stacy Garrity. “Working alongside partners like Children’s Hospital of Philadelphia, who have always prioritized the health and wellbeing of Pennsylvania’s children and families, is a profound honor,” Garrity stated. The Children’s Savings Accounts provided by Keystone Scholars, he noted, have the potential to greatly influence children’s futures and help them realize their ambitions.
Housed in West Philadelphia, the Karabots Pediatric Care Center is the largest provider of primary care services within CHOP’s network. Opening its doors back in 2013, the center, with its dedicated team of over 35 doctors and ample examination rooms, has grown to become an integral part of the community. The Center tirelessly supports a myriad of community programs designed to bolster wellness for families and their children.
The Keystone Scholars program, which operates without a dime of taxpayer money, works by having the Treasury invest funds that grow symbiotically with the child. Once the child reaches the age of 18, the accumulated funds can be used to support a diverse range of future educational endeavors, from technical coursework to collegiate studies and apprenticeship expenses.
The benefits of Keystone Scholars do not stop at financial aid. Research has depicted a profound social and emotional impact, including improved child development and reduced maternal depressive symptoms. Parents involved in the program have exhibited heightened expectations for their child’s future education. Furthermore, the data indicates that children with even modest savings for education via the CSA are three times more likely to enroll in a two or four-year postsecondary institution and are four times more likely to graduate.
The Keystone Scholars initiative’s reach now extends to over 640,000 funded accounts. Parents who have activated their Keystone Scholars and PA 529 College Savings Program accounts have collectively saved an astounding total of over $85 million, specifically for their children’s future education.
The Pennsylvania State Treasurer concluded by encouraging families to supplement their Keystone Scholars with the PA 529 program, designed specifically to make the process of saving for future educational expenses as seamless as possible. The anticipation is palpable as many of the eldest Keystone Scholars are preparing to embark on their educational journey come this fall. Regardless of the career path each child decides to follow, their Keystone Scholars deposit will be ready and waiting post-high school to fuel their dreams.
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