What are the account categories?
There are six categories:
Category I Parents, grandparents, court-ordered custodians, persons claiming the beneficiary as a dependent on their federal income tax return, if, at the time the Account Application is submitted, the account owner or beneficiary is a resident of the state.
Category II A person or persons determined by LOSFA to be a Member of the Family of the beneficiary and, at the time the Account Application is submitted, the account owner or beneficiary is a resident of the state. Members of the family include, in addition to the beneficiary’s spouse, adults related to the beneficiary as brothers, sisters, aunts, uncles, first cousins, in-laws, step-parents, step-siblings, and spouses of these listed persons.
Category III An Independent Student who is a resident of the state.
Category IV Any other person or Legal Entity if, at the time the Account Application is submitted, the beneficiary is a resident of the state.
Category V Any other person or Legal Entity that, at the time the Account Application is submitted, is a resident of the state and the beneficiary is not a resident of the state.
Category VI Any other person or Legal Entity or any government entity, and at the time of the submission of the Account Application: The beneficiary is a resident of the state; The federal adjusted income of the beneficiary’s family is less than $30,000 or the beneficiary is eligible for a free lunch under the Richard B. Russell National School Act (42 U.S.C. 1751 et seq.); and The beneficiary is not a member of the account owner’s family and is not a member of the family of any member or employee of LATTA or LOSFA.