How Education Savings Accounts (ESAs) Provide Freedom for Your Child
What are ESAs?
Education Savings Accounts (ESAs) are taxpayer-funded accounts established to provide an education for qualified students. While the state oversees the deposit of state funds, parents have discretion over how the funds are spent.
The state provides about 85 to 95 percent of per pupil state-based funding in these accounts.
ESAs work by providing parents with a percentage – usually ranging from about 85 to 95 percent – of per pupil state support. The funds are transferred to parents and money can be used to purchase approved educational expenses, such as tuition, books and tutoring.
The funds can be used for more than just tuition.
Unlike vouchers, ESAs can be used for tuition, books, tutoring or other approved educational expenses. Moreover, money that isn’t spent in high school can be used for college expenses.
ESAs save families money.
Since ESAs can be a vehicle for helping children to attend private schools, and since the costs of educating children in many private schools is less than at public schools, ESAs can produce real savings for states and local school districts.
ESAs can spur educational innovation and competition.
ESAs empower parents with the ability to customize education. In so doing, ESAs will help propel educational innovation. The emergence of different markets will provide incentives for education providers to help meet those needs. Parents choosing the best education options for their children will help to drive these changes.
Five states have already passed ESA legislation.
As of today, five states have passed Education Savings accounts legislation. Two states have operational ESA programs: Arizona and Florida. Three states – Nevada, Mississippi and Tennessee – approved legislation earlier this year and are developing ESA programs.
Most North Carolina voters favor ESAs.
Public opinion polls clearly show that North Carolina parents want expanded educational opportunities for their children. And a recent Civitas Poll showed that 71 percent of NC voters favor the idea of ESAs in North Carolina.
Join us in Charlotte for a town hall to learn more about ESA’s in North Carolina. Event is free, but registration is required. Click here to register today!