Treasury cuts fees in Pennsylvania's college-savings program

HARRISBURG, Pa. (AP) - The Pennsylvania Treasury Department is cutting fees for its state-sponsored program to help families save for college.

Democratic state Treasurer Joe Torsella said Thursday that asset-based fees for its PA 529 Investment Plan account will drop, saving account holders about $17 million over five years.

The agency says lower costs are a result of renegotiated deals with the companies that keep records and handle investments for the program, Ascensus and Vanguard.

The state’s two PA 529 programs together include about $4.6 billion in savings for current and future students in technical or career schools and colleges.