Education Savings Accounts (ESA)

EDUCATION SAVINGS ACCOUNTS (ESA)

WHO IS ELIGIBLE?

Year 1: School Year 2023-2024
-All incoming kindergarten students
-All students transferring from a public school
-Any student with a family household income at or below 300% of the '23 Federal Poverty Guidelines.  See chart below...

Guidelines

Year 2: School Year 2024-25
-All incoming kindergarten students
-All students transferring from a public school
-Any student with a family household income at or below 400% of the 2024 Federal Poverty Guideline (updated January 2024)

Year 3: School Year 2025-26
-All K-12 students in Iowa, regardless of income

ANSWERS TO FREQUENTLY ASKED ESA QUESTIONS:

Q: I believe my student(s) will qualify for an ESA. Should I still submit a TADS application too?
A: Yes! You may receive an ESA plus other scholarships. 

Q: My child is in a preschool program this year. Will he/she qualify for an ESA as an incoming kindergartener this fall?
A: Yes! All incoming kindergarteners are eligible for an ESA in the 23-24 school year. [ESA funds must be used for an accredited private (nonpublic) school in Iowa.]

Q: If my kindergartener is eligible for an ESA in the 23-24 school year, will he/she receive a payment in his ESA again the following year when in first grade?
A: Yes. Once an ESA account is established for a student, funds will be deposited into the account each year as long as they are enrolled in an accredited private school and until the student graduates from high school or turns 20 years of age. 

Q: Once I apply for an ESA, will I need to apply each year?
A: Yes. Families will be required to apply annually to remain in the program.

Q: My kids are currently in a public school. Do they qualify for an ESA next school year even if we are above the income level?
A: Yes. All students who currently attend a public school and choose to enroll in an accredited private school for the 2023-2024 school year are eligible regardless of household income.

Q: Our students already attend Spalding Catholic. When will they be eligible for an ESA?
A: ESA eligibility for students who are currently enrolled in an accredited private school is based on household income during the first two years of the program. For the 2023-2024 school year, families with household incomes at or below 300% of the federal poverty level (FPL) are eligible.
The level increases to at or below 400% FPL for the 2024-2025 school year. Beginning in the 2025-2026 school year, all K-12 students who already attend an accredited private school are eligible for an ESA regardless of household income.

Q: Is income eligibility based on gross income shown on our 2022 federal tax return, 2022 state tax return, or something else?
A: The ESA application process will require proof of income for families whose children are currently enrolled in an accredited private school and applying for an ESA for the 2023-2024 or 2024-2025 school years. Details regarding how applicants will verify income will be provided before the application period opens in the coming months.  Stay tuned. 

Q: Our children are currently homeschooled. If we move them to a private school next year, are they eligible for an ESA?
A: Yes, they would be eligible for an ESA regardless of income as long as they become enrolled as a full-time student at an accredited private school.

More information can be found by clicking here!