September 1, 2021
Is the idea of the cost of tuition for college or K-12 education intimidating? It’s never too early to start saving, and Louisiana has the perfect solution for parents with children entering school through two qualified tuition plans.
Administered by the Louisiana Tuition Trust Authority (LATTA), Louisiana’s START program or “529 plan” is a college savings plan that begins saving when your child is in kindergarten and continues until the end of their high school career. The START K12 program allows parents to save for the cost of tuition for kindergarten to high school at eligible schools, both public and nonpublic.
How Does It Work?
Anyone who wants to assist in funding a child’s education can establish an education savings account. As they make regular deposits to those accounts, the state allocates Earnings Enhancements (state matching grant dollars). This allows both the deposits and Earning Enhancements invested to earn interest, which altogether maximizes the amount saved.
How Do I Apply?
The application process is available online at startsaving.la.gov and deposits can be made through a multitude of options like automatic bank debit, payroll deduction, or direct payment. With no limitation on the frequency of deposits and the minimum deposit amount being $10, it should be easy to accumulate a fair sum of money. To sweeten the deal, deposits are also tax deductible.
Ensuring their child’s future is always on the forefront of a parent’s mind and taking advantage of the programs and resources offered. Taking initiative with the START or K12 programs are a great place to start.