LOSFA Promotes Louisiana’s 529 Saving Plans in May to celebrate National 529 Day

Baton Rouge, LA – Louisiana families will soon have a chance to win $529 toward their child’s college education to highlight National 529 Day. During the month of May, the Louisiana Office of Student Financial Assistance (LOSFA) will celebrate 529 Day with a drawing to win $529. LOSFA administers Louisiana’s three 529 saving plans, known as the Student Tuition Assistance & Revenue Trust (START and START K12) programs, and the state’s 529A saving program, known as the Louisiana Achieving a Better Life Experience (LA ABLE) program. 

Between May 1 and May 29, Louisiana residents who make a minimum deposit of $29 into a Louisiana 529 Saving Plan account will be entered into a drawing to receive $529 deposited into their START, START K12, or LA ABLE account. New account holders must open an account and deposit at least $29 to qualify for the drawing. At the end of the month, LOSFA will randomly select a recipient who participated to win $529, which will be deposited in the START, START K12, or LA ABLE account of their choice.  

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. Louisiana’s START savings plan is designed to help families contend with the growing cost of educating their children, while the START K12 savings plan allows families to save for tuition expenses related to attendance at eligible Louisiana schools that provide kindergarten through twelfth-grade instruction. The Louisiana Achieving a Better Life Experience (LA ABLE) account program allows individuals and families to save private funds to support persons with disabilities in endeavors to maintain health, independence, and quality of life. The minimum amount to open a Louisiana 529 savings plan account is $10. 

Recently, Savingforcollege.com named Louisiana’s START 529 Saving Program the lowest-fee 529 plan in the country in their updated 529 fee study. 

The fee study uses 10-year total costs as estimated by the 529 plans based on a hypothetical $10,000 investment earning 5% annually; then they compare 10-year costs of the lowest and highest-cost options alongside the second-lowest and second-highest alternatives for all direct-sold 529 savings plans.