Louisiana Administrative Code
Title 28 - EDUCATION
Part VI - Student Financial Assistance-Higher Education Savings
Chapter 3 - Education Savings Account
Section VI-303 - Account Owner Classifications
Universal Citation: LA Admin Code VI-303
Current through Register Vol. 50, No. 9, September 20, 2024
A. An account owner shall be classified by the authority under one of the following classifications:
1. a person or persons
determined by the authority to be the parent, grandparent, or court ordered
custodian of the person being designated as beneficiary of the account or who
claim the person being designated as beneficiary as a dependent on their
federal income tax return, and, at the time of the initiation of the agreement,
the person or beneficiary is a resident of the state; or
2. a person determined by the authority to be
a member of the family of the beneficiary and, at the time of the initiation of
the agreement, the person or the beneficiary is a resident of the state;
or
3. an independent student who is
a resident of the state;
4. any
other person and, at the time of the initiation of the agreement, the
beneficiary is a resident of the state; or
5. any other person who, at the time of the
initiation of the agreement, is a resident of the state and the beneficiary is
not a resident of the state;
6. any
other person or any government entity, and at the time of the initiation of the
agreement:
a. the beneficiary is a resident
of the state;
b. the federal
adjusted income of the beneficiary's family is less than $30,000 or the
beneficiary must be eligible for a free lunch under the Richard B. Russell
National School Act (42 USC
1751 et seq.);
c. the beneficiary is not a member of the
account owner's family nor a member of the family of any member or employee of
the authority or the Office of Student Financial Assistance;
d. the deposits to the account are an
irrevocable donation by the owner.
B. In order to qualify as an account owner in any classification, a natural person, to include an independent student, must be of the age of majority under Louisiana law.
C. Account owner classification is made at the time of the initiation of the agreement. Changes in the residency of the account owner or beneficiary after the initiation of the agreement do not change the account owner's classification.
AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3091-3099.2.
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