Einstein teams up with state to inform parents of college fund for their newborns

baby college fund
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By KYW Newsradio

PHILADELPHIA (KYW Newsradio) — It may be too soon to consider sending your newborn off to college, but it’s not too early to start planning financially.

Einstein Healthcare Network has teamed up with the Pennsylvania Treasury Department’s Keystone Scholars program. Judith Faust, administrator for women and children’s services at Einstein Medical Center Philadelphia, said it gives parents money to start a college fund for their newborns.

“The program basically is for all babies born effective Jan. 1, 2019,” she said. “They’re eligible for this $100. They get a notice from the Treasury Department when the baby is about 4 to 6 months of age. That's when they officially set up their account.”

There are no economic requirements, and everyone in Pennsylvania is eligible.

The $100 will be invested by the state Treasury Department and grow over the years. The scholarship can then be used for tuition, books and other fees at all types of colleges.

If the money is not used by the child’s 29th birthday, it will be returned to the state.

Faust said Einstein workers plan to tell all prospective and new parents about this opportunity.