(12/19/18) A state run program that has helped parents save money to pay for their kids college education is expanding to include other schools.
S.T.A.R.T. stands for student tuition assistance and revenue trust.
The program has seen much success by those saving for college, and on state legislator wants that success to be enjoyed by parents saving for private schools too.
So during the 2018 Regular Session last summer Representative Franklin Foil a Republican from East Baton Rouge Parish authored legislation that paved the way for S.T.A.R.T. to be used for those who want to save for K- 12 private schools.
“The good thing about K- 12 plan, let’s say your child doesn’t need the tuition for K-12, you can roll it over into the START Savings for College program. You have nothing to lose, because it will be there for college if you want it. And then at the end of the day if you don’t use the money you’d have to pay the taxes on it, but you do get the money back if you want to use it,” said Foil.
The savings are in a professionally managed account that are invested.
“That’s the part that’s tax free. Whatever growth that occurs in the account, we have investment advisors who will place your money so it will grow, you pay no taxes as long as you use the money for tuition,” said Foil.
If you’re interested in creating an account just click here to visit the S.T.A.R.T. website.