Tips for Funding your Education

School Choice - Savings Accounts, Vouchers, Credits and Tax Deductions

Several states in the US offer families school choice options, which could help you lower your tuition with Citizens High School. We’ve included some state specific information here for you – for more detailed analysis, we recommend visiting the School Choice in America Dashboard for the latest and most relevant information. It’s impossible for us to guarantee eligibility into any of these programs. We encourage you to check with your state department of education to see if you qualify. 

Illinois allows individuals to claim a credit for educational expenses for dependent students attending a private or public school or being homeschooled. Qualified expenses include tuition, books and lab or activity fees. It’s one of five state tax credit programs and has the largest number of participating taxpayers. 

Program Details:

  • Income Limit: $500,000 (married); $250,000 (single)
  • Prior Year Public School Requirement: None
  • Geographic Limit: Statewide
  • Enrollment Cap: None
  • Individual Credit Cap: $750
  • Testing Mandates: None

More info HERE

Minnesota provides a tax deduction covering educational expenses for students in any private or public school, including homeschooling or schools in North Dakota, South Dakota, Iowa or Wisconsin. The tax deduction lowers a family’s taxable income and covers books, tutors, academic after-school programs and other educational expenses, including tuition payments at private schools. Any parent or guardian who spends money on approved educational expenses for a child, including tuition, is eligible to receive the deduction. Also, parents must be Minnesota tax filers and have proof of eligible expenses.

Program Details:

  • Income Limit: None
  • Prior Year Public School Requirement: None
  • Geographic Limit: Statewide
  • Enrollment Cap: None
  • Individual Deduction Cap: $2,500 (7–12)
  • Testing Mandates: None

More info HERE

 

The Iowa Tuition and Textbook Tax Credit program was enacted and launched in 1987, and it allows parents to receive a limited tax credit for their educational expenses. Learn more about the program’s details on this page, including eligibility, funding, regulations and more. All households with students enrolled in accredited nonprofit public or private elementary or secondary schools in Iowa are eligible.

Program Details:

  • Income Limit: None
  • Prior Year Public School Requirement: None
  • Geographic Limit: Statewide
  • Enrollment Cap: None
  • Individual Credit Cap: $250
  • Testing Mandates: None

More info HERE

Louisiana allows parents to claim tax deductions for educational expenses, including private school tuition and fees, uniforms, textbooks, curricular materials, lab schools and any supplies required by the school. All K–12 Louisiana private school students are eligible. Any taxpayer that has private school educational expenses may claim the deduction.

Program Details:

  • Income Limit: None
  • Prior Year Public School Requirement: None
  • Geographic Limit: Statewide
  • Enrollment Cap: None
  • Individual Deduction Cap: $5,000/student
  • Testing Mandates: None

More info HERE

Additional tips for funding your education:

Crowdsourcing

Crowdsourcing is the practice of engaging a “crowd” towards a common goal. There are several websites on the internet today that provides a platform for individuals looking to raise funds for a goal. 

Ask Your Employer

Many employers offer educational assistance benefits to their employees. Ask your employer or their Human Resource officer what kind of assistance is provided. 

Ask Your Family

There is no bond stronger than family. By having a few family members each contributing $10 a month your education can be just a click away.

Ask Your Church

Many churches have a scholarship fund designed to help members who need financial assistance for education. 

Transfer Credits

By transferring credit from your previous school, you can reduce your overall tuition costs.  

Private Scholarships

When most people think of using scholarships for school they think post secondary; however, there are several different private scholarships available for students wishing to receive their high school diploma.

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