BATON ROUGE, La. (BRProud) The Louisiana Office of Student Financial Assistance (LOSFA) which oversees Louisiana’s 529 saving plans known as Student Tuition Assistance & Revenue Trust (START and START K12), will celebrate 529 Day with a series of social media activities throughout the month.
Nationally, May 29 (5/29) is recognized as 529 College Savings Plan Day which refers to special tax-advantaged accounts to help families save for higher education expenses based on section 529 of the tax code.
“Many times, parents think they can only use the money in a START account for tuition and books, but the funds can also be used to cover room and board or purchasing a laptop,” said Terri Underwood, director of START Programs. “So many account owners have expressed to me the blessing that their START accounts have been to them and their family to help cover the high cost of a quality education.”
To increase awareness of Louisiana’s START saving plans, LOSFA has planned a social media campaign that will focus on saving for college and the importance of a college education (community college, four-year degree, credential, or trade). Some parents say investing early makes college accessibility more attainable.
The more parents engage with LOSFA’s 529 Day campaign, the more chances they have to win the $529 grand prize. An additional five people will also win a $29 deposit into a START account of their choice. To see a list of the activities each week in May, click here.
The START saving plan allows families to choose from 10 investment options. The state of Louisiana also uses earnings enhancements, to match up to 14 percent of what is contributed to each account (based on the account owner’s federal adjusted gross income). Deposits made to an account may be excluded from taxable income on the Louisiana tax return (up to $2,400 per year, per beneficiary for single account owners and $4,800 for owners filing a joint return).
To read more about the advantages of Louisiana’s START Program, click here.
To enroll your child in a START account, click here.
To read more about Louisiana’s START K12 Program, click here.