Program helps La. families save for K-12 tuition

The Louisiana Office of Student Financial Assistance recently announced the launch of the START K12 Savings Plan, a tax-sheltered savings fund that can be used to pay for tuition costs related to kindergarten through 12th grade enrollment.

START K12 account owners will be eligible for federal tax benefits, including federal tax deferrals on deposit earnings, a limited federal tax deduction for tuition and related expense payments, and tax-free federal earnings when used toward Qualified Education Expenses.

State Treasurer John Schroder said in a news release the plan is designed to help Louisiana families “provide the best for their children” when it comes to education.

“For many (families), that means paying for private school,” Schroder said. “This can get very expensive, so every little bit helps.”

Like its college savings counterpart, START Saving, the START K12 Program treats deposits in a tax-favored manner under the provisions of Internal Revenue Code Section 529. Several changes on the federal level to the postsecondary program led to the creation of the separate K-12 program, said Carol Fulco, student financial aid director for the START division at LOSFA.

Remaining funds from a START K12 account can be rolled over into a START Saving account for post-secondary use. However, START Saving accounts can not be rolled back into a START K12 account.

The minimum deposit to open a START K12 account is $10, said Brittany Francis, LOSFA communications director. Withdrawals have a $10,000 annual cap and may be used only for K-12 tuition expenses.

For more information on eligibility or to open an account, visit, startsaving.la.gov or call 800-259-5626.

””LOFSAMGN Online

SportsPlus

Local News

Hurricane Rafael taking a turn away from US

Local News

Landry: Tax changes needed to fuel population growth, encourage families to stay

Crime

11/6: Calcasieu Parish Sheriff announces arrest list

Local News

Reinvestment in Mid-City neighborhood begins

Local News

Avenue of Flags returns a day ahead

McNeese Sports

Cowgirls want to keep building

McNeese Sports

Cowboys looking to rebound…literally

Local News

APPJ fighting Coushatta land trust acquisitions

Local News

Donald Trump has sweeping plans for a second administration. Here’s what he’s proposed

McNeese Sports

Leak heats up Cowboy defense

Local News

Louisiana breaks multiple election records

Local News

Trump wins White House in political comeback rooted in appeals to frustrated voters

Jim Beam

Jim Beam column: Gerstner Field remembered

Local News

Trump wins Georgia, moving closer to reclaiming White House

Local News

Beauregard, Vernon voters favor Trump

Local News

GOP reclaims Senate majority

Local News

Republican Higgins wins re-election bid for US House

Local News

Bowers elected newest member of Calcasieu Police Jury

Local News

Early election takeaways: Trump weakens Democrats’ coalition

Local News

Vidrine elected to serve as Oakdale’s next mayor

Local News

Trump wins North Carolina while votes are still being counted in other key states

Local News

Voters statewide approve constitutional amendment

Local News

Judge Davis elected newest member of Court of Appeal

Local News

Jeff Davis elects two new mayors, re-elects police chief