John Schroder
If you’re looking to give a Christmas gift that will last long past this season, State Treasurer John Schroder has an outside the gift box suggestion—an education savings plan.
“So there’s a lot of flexibility you can give it as gifts it doesn’t have to be a relative you can give it as gifts to your god children, your grandchildren your friends of your friends,” Schroder said
There are two START savings plans. One is for college, the other for eligible K-12 schools. Schroder said you have until the end of this year for deposits to the account to be eligible for 2022 tax deductions on your state and federal income taxes.
Schroder said similar plans are wildly popular in other states but are underused here.
“But for whatever reason we sort of lag behind in its use here in Louisiana,” he said.
Schroder added the state will match up to 14 percent of deposits as an enhancement to get people to participate.
“College costs a lot of money these days, the sooner you start, it will add up quicker than normal because you can accumulate it at a tax deferred rate,” he said.
For more information, go to startsaving.la.gov
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