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In December 2017 the 115th Congress of the United States passed a major act dealing with taxes. One of the changes in the Tax Code pertained to ESA or Educational Savings Accounts. Most parents and grandparents are probably familiar with ESAs as a means of saving for their children and grandchildren's college educations. Congress has expanded Section 529 ESAs to include K-12 education expenses as well as college expenses.

First, a bit of history. The educational savings accounts known as Section 529 plans were created by the . The section of this act which pertains to educational savings accounts is entitled PART VIII—QUALIFIED STATE TUITION PROGRAMS. The text begins on page 141. This is worth reading so that you can discuss the topic with your financial advisor when you set up your 529 plan.

Changes to the Tax Code

On Friday, December 22, 2017 President Donald Trump signed While the Act has effects on a wide range of tax situations, the specific text pertaining to K-12 educational expenses can be found on . Here is the relevant paragraph:

‘‘(7) TREATMENT OF ELEMENTARY AND SECONDARY TUITION.—Any reference in this subsection to the term ‘qualified higher education expense’ shall include a reference to expenses for tuition in connection with enrollment or attendance at an

Beginning the school search process is a lot of fun. Those beautiful photographs of tree-lined campuses and sports activities, the candid shots of classroom scenes portraying kind, patient teachers, the history of the school and its many accomplishments over the years, as well as all those famous graduates - it is all very impressive. So, you list the schools you want to examine in greater detail. At this point in your school search process, the question that I posed in the title of this article begins to surface.

I can hear you wondering how you will compare schools objectively when the costs seem so different from one school to the next. One boarding school charges $56,000 for tuition, room and board, while another school in the same state lists its tuition, room and board as $28,000. Why do some schools cost so much and some cost so little?

Boarding schools

Your costs for schools that charge the most for their services range from $45,000 to $65,000. These schools are residential schools or what we commonly call boarding schools. As well as charging for tuition and related expenses, these schools must bill for room and board. You will notice that some schools offer two types of boarding arrangements. One is the customary seven-day-a-week boarding; the other is a five-day boarding scheme where the students reside at the school during the week and return home on the weekends. The five-day boarding scheme costs less than the seven-day version. It

Vouchers have been a fact in American private school education since 1989 when the State of Wisconsin passed a voucher program which aimed to help students from low income families in Milwaukee. Since then 39 voucher programs have been set up. According to the the following states now have some form of voucher program:

• Alabama
• Arizona
• Florida
• Georgia
• Indiana
• Iowa
• Louisiana
• Mississippi
• New Hampshire
• North Carolina
• Ohio
• Oklahoma
• Pennsylvania
• Rhode Island
• South Carolina
• Utah
• Virginia
• Wisconsin

Vouchers

What exactly are vouchers? The simplest definition is using public funds to pay for a private school education. Voucher programs take many forms and we will look at those later in this article.

How many students nationwide benefit from voucher programs? In 2014 were recipients of some kind of tax dollars in voucher programs or variations thereof. That is 0.006% of the K-12 public school student population which was approximately 50 million at the beginning of the 2014 school year. The actual expenditure is in the millions of dollars which like the number of students in voucher programs is tiny.

What is the future of voucher programs? As of 2015 voucher programs are state-sponsored, state-managed and state-funded programs. Some politicians, however, would like to see federal funds used for . Why? Because their constituents are disatisfied with underperforming public schools.

What does the public education community think about vouchers? Needless to say, voucher programs in all their forms and variations are complete anathema to the teachers unions and the supporters of public education.

Finding the right private school for your child is a major process in and of itself. It is time-consuming with lots of steps, deadlines and forms to fill out and submit. Then, of course, you have to deal with the issue of how to pay for that private school education once you have identified the right school. Against this backdrop let's you and I figure out how to make the financial aid process work for us.

Start early

The key to success with any major project is to begin early. Taming the financial aid part of getting your child into private school begins with knowing how much you can afford to pay. Have that number worked out and clear in your mind. The most effective way at figuring out what you can pay is to review your income and expenses. Determine what you can afford to pay monthly for your child's tuition. Project that number also as an annual amount. Now bear in mind that this is a rough cut because what you are going to be doing very soon is completing the online documentation known as the Parents' Financial Statement or PFS provided by the School and Student Service (SSS) organization operated by the National Association of Independent Schools (NAIS). The PFS will require accurate financial information about your income, expenses, and assets as well as information about any other children who are in tuition-charging schools, i.e., private school. Having that rough idea of how much

Paying for ²ÝÁñÉçÇø School: 7 Options

I am always sad to hear parents rule out sending their children to private school because it is too expensive. The conversation usually begins with one of these facts as the reason for considering private school:

1. Their child is gifted.
2. Class sizes in the local public school are way too large.
3. Their child has a learning disability.

Any one of these reasons is a valid reason for considering private school. Unfortunately, that is as far as considering a private school gets in most cases.

• Why? Because either the parents assumed that they could not afford private school.
• Or, perhaps, they looked at the tuition and fees page on a school's website, and they panicked.

Considering sending your child is a major decision.

• As with any major decision, it makes sense to do your due diligence before ruling anything out.
• When you take time to do a thorough investigation of the facts, as opposed to your assumptions, you just might be pleasantly surprised at what you discover.

That applies equally to paying for private school.

Here are seven ways you can pay for a private school education. One might prove to be the answer you are looking for.

1. Write a check.

Some people can afford to write a check for their children's private school tuition. If you are in a position in life where you can do this, don't forget to