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Louisiana’s program to help families save for their children’s college education accidentally made an extra withdrawal this month from participants’ bank accounts, resulting in more than $1.5 million having to be refunded.
The state’s Student Tuition Assistance and Revenue Trust Program, or the START Saving Program, provides accounts families can invest in, either conservatively or slightly aggressive, to build up nest eggs for their children’s higher education.
Withdrawals typically take place on a monthly basis, but START sent a text message to account holders earlier this month saying an accidental second withdrawal was made. In total, the program double dipped into 9,166 accounts and took out $1.51 million, according Chris Yandle, spokesman for the state Board of Regents.
“The extra withdrawal was reversed the day the system error was discovered, and the account owners should have the funds from the second withdrawal back in their checking accounts,” Yandle said in an email.
No sensitive information on account holders was ever vulnerable during the withdrawal process, he added.
The Board of Regents oversees the Louisiana Office of Student Financial Assistance, which operates the START Saving Program. The state treasury manages investments for START.
Anyone with questions about their START account or the program can contact start@la.gov or 225-612-6497.
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