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Pennsylvania TAP eliminates the premium charged on tuition credits

(August 19, 2006) - Pennsylvania's TAP Guaranteed Savings Plan has eliminated the extra charge (i.e. premium) on its sales of tuition credits, retroactive to September 1, 2005. The adjustment is being made by increasing the number of tuition credits awarded on purchases made during since last September. New pricing effective September 1, 2006 will not include a premium.

The premium was instituted in 2003 when the program's balance sheet showed a substantial deficit. But as of June 30, 2006, the balance sheet shows a small surplus, the result of fund investment performance exceeding tuition inflation.

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