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Re: LA 529 plan for college savings

Posted on 12/3/13 at 7:25 pm
Posted by green buddy
Member since Nov 2013
20 posts
Posted on 12/3/13 at 7:25 pm
What do I need to know about this before looking into this further? Any heads up that I should keep in mind as I look into this? Wife is due in March and I want to do something to ease the strain (as much as possible) for down the road.
Posted by macrometer
Member since Aug 2013
35 posts
Posted on 12/3/13 at 7:32 pm to
IIRC, one decision is whether to put it in your name (and transfer later) or in your child's name, which has implications on child's ability to get grants/scholarships later on, among other things.

Google 529 in my name vs child's name.


ETA: I'm not having kids any time soon, and I only researched this topic briefly. But this is the main thing I remember from my 30 minutes of research.
This post was edited on 12/3/13 at 7:34 pm
Posted by LSU6262
Member since Jun 2008
7494 posts
Posted on 12/3/13 at 9:44 pm to
startsaving.la.gov has some good info
Posted by Gaston
Dirty Coast
Member since Aug 2008
39062 posts
Posted on 12/3/13 at 9:54 pm to
I do the MS 529 for my boy. I went with the 3% guaranteed option verses the managed account. No fees on the 3% one, and I want the lowest risk possible for this investment. Tax deductible for the 5% state income tax. I just put in a $150 a paycheck, twice a month, since he's only in first grade. It won't be all of his college expenses, but it should help when the time comes.
Posted by Janky
Team Primo
Member since Jun 2011
35957 posts
Posted on 12/4/13 at 6:41 am to
The first thing you will need is for the child to be born and issued a social security number. Then from there it is easy as pie, and smart too.
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