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Message

re: Louisiana tuition savings program shuts down unexpectedly

Posted on 10/7/25 at 9:15 pm to
Posted by Jake88
Member since Apr 2005
77694 posts
Posted on 10/7/25 at 9:15 pm to
Insured for how much?
Posted by KamaCausey_LSU
Member since Apr 2013
17018 posts
Posted on 10/7/25 at 9:27 pm to
quote:

Insured for how much?

I assume that accounts/investments have to be insured through SIPC, which is up to $500,000.
Posted by touchdownjeebus
Member since Sep 2010
25905 posts
Posted on 10/7/25 at 11:46 pm to
quote:

It’s taking my automatic deposits but I can’t get online to stop it.


This month’s payment didn’t get withdrawn on my end.
Posted by Scooba
Member since Jun 2013
20005 posts
Posted on 10/8/25 at 6:02 am to
quote:

This month’s payment didn’t get withdrawn on my end.


Mine did not go through on the 1st either.

I’m going to look into transferring the balance once this is resolved.
Posted by TulsaSooner78
Member since Aug 2025
810 posts
Posted on 10/8/25 at 7:00 am to
quote:

State lawmakers are set to meet Tuesday in New Orleans to determine what caused the outage and how to get the program running again.


quote:

This instills confidence.


Are any of these lawmakers also IT cybersecurity experts?
Posted by KamaCausey_LSU
Member since Apr 2013
17018 posts
Posted on 10/8/25 at 7:26 am to
Easiest thing the State can do after this is extend the tax savings to all qualified 529 plans. Though you'll probably have to stay with LA to get the 2% match.

Or find a 3rd party custodian like Fidelity or Schwab to run it.
This post was edited on 10/8/25 at 7:33 am
Posted by whoa
New Orleans
Member since Sep 2017
5784 posts
Posted on 10/8/25 at 8:11 am to
Mine is auto-drafted out of my bi-weekly checks. I’m guessing the system went down after payroll was processed because mine was still taken out.

I’ll have to look next week to see if it’s autodrafted. I have no idea how much is in our account.
Posted by Lou Loomis
A pond. Ponds good for you.
Member since Mar 2025
987 posts
Posted on 10/8/25 at 9:30 am to
This is why you never do something that the government incentivizes you to do.

These ransomware dudes will get their 25 million and everybody’s personal information is now compromised and in the hands of the really bad guys.
Posted by DaBeerz
Member since Sep 2004
18277 posts
Posted on 10/8/25 at 10:20 am to
Everybody already has our information, so many data breaches at this point I can’t keep track to care. I hope the Czech version of me is doing very well for himself. It would be nice to have some answers where our money for our kids is though
Posted by TheWiz
Third World, LA
Member since Aug 2007
11865 posts
Posted on 10/8/25 at 11:02 am to
Definitely got hacked. I have a stop transfer/payment order in with my bank through the end of the year.
Posted by whoa
New Orleans
Member since Sep 2017
5784 posts
Posted on 10/8/25 at 11:15 am to
Right. PowerSchool was hacked last year so most kids information has already been compromised
Posted by achenator
Member since Oct 2014
3237 posts
Posted on 10/8/25 at 12:05 pm to
quote:

Definitely got hacked. I have a stop transfer/payment order in with my bank through the end of the year.


That $400 a month isn't much compared to the almost 6 figures we have in there already. Our youngest is a Junior in college now, we're gonna have to figure out what to do with it soon.
Posted by Jake88
Member since Apr 2005
77694 posts
Posted on 10/8/25 at 12:06 pm to
Give him the money in a Roth for several years.
Posted by achenator
Member since Oct 2014
3237 posts
Posted on 10/8/25 at 12:22 pm to
quote:

Give him the money in a Roth for several years.


Yeah that's part of the plan. I think it's like $35k max? His MBA is covered as part of his scholarship but we need to figure out if there is any other grad school involved that we will have to pay for. I believe if we take some cash out to help him with a condo or whatever, some of the penalty/tax will be offset by his full ride scholarship amounts?
Posted by OysterPoBoy
City of St. George
Member since Jul 2013
42715 posts
Posted on 10/8/25 at 3:59 pm to
quote:

State lawmakers are set to meet Tuesday in New Orleans to determine what caused the outage and how to get the program running again.


So they met yesterday? And no update? Just a big FU to the commoners.
Posted by whoa
New Orleans
Member since Sep 2017
5784 posts
Posted on 10/8/25 at 4:06 pm to
Somebody called Nakamoto, he has a story on it. Showed up to the offices and the security guard said no one has been there since last week.
Posted by dewster
Chicago
Member since Aug 2006
26375 posts
Posted on 10/8/25 at 4:24 pm to
quote:

Somebody called Nakamoto, he has a story on it. Showed up to the offices and the security guard said no one has been there since last week.



WTF is going on?

And why is LSP involved?
Posted by OysterPoBoy
City of St. George
Member since Jul 2013
42715 posts
Posted on 10/8/25 at 4:47 pm to
Crazy that nobody has been in the office. All still getting paid I’m sure.

Get em Nak.
Posted by member12
Bob's Country Bunker
Member since May 2008
33035 posts
Posted on 10/8/25 at 5:12 pm to
Was able to finally get in, but I can't make the changes that I've been wanting to do for a few weeks.

I mean I could for one kid but not the other. Throws an error but no message or description.
Posted by KamaCausey_LSU
Member since Apr 2013
17018 posts
Posted on 10/8/25 at 6:44 pm to
Not so fine print from the website.

quote:

PLEASE NOTE: Account information reflects the status as of September 26, 2025. Accounts may not reflect transactions including direct deposits, disbursements, or trades after that date. Any transactions scheduled will not be processed until all previous transactions have been verified and approved.
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