LOSFA Promotes Louisiana’s 529 Saving Programs 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 deposited into a 529 savings account of their choice.

May 29 (5/29) is recognized as National 529 Day, which refers to special tax-advantaged accounts to help families save for higher education expenses based on Section 529 of the United States Tax Code. LOSFA administers Louisiana’s two 529 saving programs, 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.

To qualify, Louisiana residents must make a minimum deposit of $29 into a Louisiana 529 Savings Program before May 29. They will then be entered into a drawing to receive $529 deposited into their START, START K12, or LA ABLE program. 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.  

“529 Day is important because it increases awareness of 529 plans while encouraging families to save for future educational expenses,” said Porsche Harris, START Director.

Louisiana’s START Saving Program is designed to help families contend with the growing cost of educating their children, while the START K12 Saving Program allows families to save for tuition expenses related to attendance at eligible Louisiana schools that provide kindergarten through twelfth-grade instruction.

The LA ABLE Saving Plan Account allows individuals and families to save private funds to support persons with disabilities in endeavors to maintain health, independence, and quality of life.

“Some of the benefits of investing in a START, K12, or LA ABLE account are the dividends account owners can gain from any of the three accounts, the tax deductions account holders can claim from their START and START K12 accounts, and the earnings enhancements that are gained from START accounts,” said Harris.

The minimum amount to open a 529 savings account is $10. For more information about Louisiana’s 529 Saving Programs, visit https://www.startsaving.la.gov/index.aspx.