Pa. college savings plan to levy premiums

HARRISBURG, Pa. (AP) — Tens of thousands of investors saving for college in Pennsylvania’s Guaranteed Savings Plan will soon have to pay more to lock in future tuition expenses at today’s prices.

The state treasurer’s office said today that effective Sept. 1, it will impose premiums of as much as 8 percent at many of the state’s colleges and universities to offset a multimillion-dollar deficit caused by the Wall Street meltdown.

No premium will be imposed for the 14 state-owned universities in the State System of Higher Education.

Similar premiums imposed in 2003 were lifted three years later.

Also, effective Oct. 1, the treasurer’s office will charge investors an annual fee of $4.90 on every $1,000 they have invested. That will replace the current, flat $25 maintenance fee.