Parents have 18 whole years to get it together when it comes to creating and saving for college funds. But what about when expenses arise for education needs before “Pomp and Circumstance” plays during senior graduation? As young children become scholars, those primary school tuition, tutoring, textbook and even therapy expenses may come as a surprise. A little research and effort can go a long way, and an Education Savings Account (ESA) may be the way to go.
WHAT IS AN ESA?
These state-funded, state-sponsored programs have been created to allow spending flexibility for families with school-aged children. Families are granted access to public per-pupil funds to use them for eligible education expenses. School choice advocates can utilize these finances for private school tuition, homeschooling expenses, special needs therapy, and more.
WHO PAYS FOR ESAS?
Every year, tax dollars are set aside by the government for every child’s education within the state. ESAs are funded through public taxes. Instead of the funding going to a school directly, the money follows the educational path of an individual child chosen for them by their guardians.
WHO MIGHT BENEFIT FROM AN ESA?
Any student not thriving in the public school system setting may benefit from utilizing an ESA. ESAs can be used to fund a Catholic school education program, special needs school, nature-based education, learning pods, homeschooling, etc. Knowing an individual child helps make educational choices for the individual student’s needs.
HOW DOES IT WORK?
Families looking for educational options outside of public schooling can visit edchoice.org for a comprehensive list of scholarship programs, tax credit information, and more information on ESAs based on the state in which
students reside.
Families can opt to have students attend educational institutions with built-in curriculum, explore individualized education plans through homeschooling, employ tutors, etc.
WHY CHOOSE AN ESA?
The educational choice system focuses on the student as an individual, not a category of people. Families may have a child who fits well in a traditional public school setting, a child who excels in a trade school, a child with special needs who thrives in a private school setting, and a child who does best with a virtual program at home. The emphasis is on choice and being able to spend tax dollars on the individual student rather than making the choice of public school for all students as a whole. The main goal is producing students who love learning!
