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us-la/guidance/losfa/start-faqs — START Frequently Asked Questions (Louisiana Student Tuition Assistance and Revenue Trust, LOSFA) · Axiom
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START Frequently Asked Questions (Louisiana Student Tuition Assistance and Revenue Trust, LOSFA)
53 sections
Why is it important to begin saving now for a child’s college education even though the child may be only an infant?
How does the START Saving Program work?
How do I open an account?
Who administers the START Saving Program?
Do I have to be a parent or grandparent to open an account?
What are the account categories?
How is the Earnings Enhancement calculated?
How does the START saving Program know what I reported as my federal AGI?
Why is opening an account with the START Savings Program different than opening a savings account at a bank or investing in the stock market?
Are there tax advantages to a START account?
Who is eligible to open an account?
Can my spouse and I set up a joint account?
Who can be a beneficiary?
Can a person be the beneficiary of more than one START account?
Can I set up an account for myself?
Who is eligible to be classified as an Independent Student?
What happens to my account if I die?
Can I name the beneficiary of the account as a successor owner?
Should I name more than one successor owner?
Can I change the beneficiary?
Who is considered to be a member of the beneficiary’s family?
What happens if I change the beneficiary to someone that is not a member of the family?
What are the requirements for opening an account?
How do I make a deposit?
How can I keep up with my account?
How do I access my account via the Internet?
What do I do if I forget my password?
How do I change my password?
How do we find out more about the START program?
Are deposits to a START account tax deductible?
How much must I deposit to open an account?
What is the minimum/maximum deposit?
Can I transfer investments currently in another 529 Plan to a START account?
Can an account owner mail in a payment at any time even though another deposit method has been chosen?
Can I change my investment fund(s)?
Can I invest in more than one investment fund offered by START?
What are the fees charged for investing in the START Saving Program?
If my child receives a scholarship, does not plan to attend college or has money left over after completion of his/her education, what becomes of the money in the account?
Is there a minimum time period during which monies must be held in the account before they can be withdrawn?
How will a 529 plan affect my child’s chances to qualify for financial aid?
Who controls the money in a START Account?
How do I withdraw monies to pay for college?
Are my START funds disbursed directly to the college?
What are the expenses that can be paid with START account funds?
Are there limitations on room and board expenses?
Can START funds be used to pay for graduate school?
Who pays the taxes when the money is distributed from a 529 plan account to cover non-qualified educational expenses?
What is the maximum amount that I can deposit to a START account?
If I move to a different state, can I change to a different 529 plan?
Where can my beneficiary use START funds?
Can START funds be used to enroll in college outside the United States?
Can START funds be used to pay for study-abroad or exchange programs?
What are the USDE recognized regional accrediting organizations?
