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Louisiana

 
Status: Open for Enrollment
Program Name: Louisiana ABLE Account Program
Program Manager: Louisiana Office of Student Financial Assistance (LAOSFA) and Louisiana Tuition Trust Authority (LATTA)
Program Investment Institution: Vanguard Inc.
Program Website: The Louisiana ABLE Account Program

Total Annual Contribution Limit: $14,000
Account Limit:
$313,040

Additional Information: The ABLE Act was passed on 5/16/14 as Act 93 (HB 833), prior to the federal passage of the ABLE Act in December 2014. HB 598 was signed into law as Act 411 on 7/1/15 to amend Act 93.

ABLE Legislation: HB 598HB 833

HB 598 Legislative Summary

HB 833 Legislative Summary

Program at a Glance

  • What is the total annual contribution limit? $14,000
  • Does this program offer enrollment to out of state residents?
    No.
  • Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state residents? If so, how much?
    No.
  • Who is the program administrator?
    Louisiana Tuition Trust Authority (LATTA)
  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $10
  • Is there an annual set fee to maintain the account? If so, how much?
    No
  • Is there a required minimum contribution to your account? If so, what is the amount?
    No.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    Yes. Disbursements must be $200 or greater, unless the purpose it to close the account and the account is valued at less than $200.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    No.
  • Who is the investment manager?
    Vanguard
  • How many investment options are associated with the program?
    There are seven investment options available.
  • Do those investment options vary in risk? Yes, these investment options range from conservative to aggressive with varying levels of risk.
  • Is there a fee associated with the investment choices? If so, how much?
    No.