LAC 28:VI.101. General Provisions

A. The Louisiana Student Tuition Assistance and Revenue Trust (START Saving) Program was enacted in 1995 to provide a program of savings for future college costs to: 1. help make education affordable and accessible to all citizens of Louisiana; 2. assist in the maintenance of state institutions of postsecondary education by helping to provide a more stable financial base to these institutions; 3. provide the citizens of Louisiana with financing assistance for education and protection against rising postsecondary education costs, to encourage savings to enhance the ability of citizens to obtain access to institutions of postsecondary education; 4. encourage academic excellence, to promote a well-educated and financially secure population to the ultimate benefit of all citizens of the state; and 5. encourage recognition that financing an education is an investment in the future. B. The START Saving Program establishes education savings accounts (ESAs) by individuals, groups, or organizations with provisions for routine deposits of funds to cover the future educational costs of a designated beneficiary. 1. In addition to earning regular interest at competitive rates, certain accounts are also eligible for earnings enhancements (EEs) provided by the state to help offset the beneficiary's cost of qualified higher education expenses. 2. The EE amount is determined by the account owner's classification, annual federal adjusted gross income, and total annual deposits of principal.