But even with state financial assistance, can your family really afford to pay private school tuition?
What Are School Vouchers?
In some states, private school vouchers can also be used to reimburse the costs of homeschooling.
Looking to cover the difference in cost between public and private schools? See our tips onpaying for private school, including setting up a 529 Savings Plan.
Public schools and charter schools are both part of the public education system and funded by taxpayer dollars.
How Do School Vouchers Work?
Be aware that some states also have stipulations that vouchers cant be used at private religious schools.
These accounts put public funds onto a government-issued debit card.
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Some states offer private school scholarships that use alternative funding sources.
Who Is Eligible for School Vouchers?
Who is eligible to use school vouchers depends on the state you live in.
For instance, some states offer vouchers if youre in a school district with poorly performing schools.
Other states confine vouchers to special education students or other disadvantaged students.
Do Vouchers Cover the Cost of Private School Tuition?
No matter the eligibility requirements or how the voucher program is structured, one thing is clear.
School voucher programs rarely cover the entire cost of attending private schools.
Five of these voucher programs are for special needs students only.
Additionally, three of the voucher programs in New England states limit eligibility to small towns without public schools.
That leaves just seven states where lower income students qualify for traditional school voucher programs.
Funding is variable and often awarded based on family needs and income.
While state assistance might help you cover some costs, private schools come with other price tags attached.
Transportation
Most private schools consider it your responsibility to get your kid to school.
School Uniforms
Many private schools remove the dress code concerns by requiring students to wear uniforms.
And in some cases, the cost of those textbooks will be passed on to parents.
There are a few states that let you take atax deductionto cover some homeschooling costs.
These include Illinois, Indiana, Louisiana, Minnesota and Iowa.
Louisiana is the most generous with a standard deductible of up to $5,000 per student for homeschooling families.
Yes, there are several national organizations that provide scholarships or grants to families in need.
Kaz Weida is a senior staff writer at The Penny Hoarder covering saving money and budgeting.
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