Financial Aid Options for Online Private School Education
International Connections Academy (iNaCA) is dedicated to providing K–12 students with an affordable online private school education. That’s why we offer several discounts and support for helping your family find financial aid options.
A high-quality learning experience can be a rewarding and worthwhile investment for a child’s future! See what financial assistance option below might benefit your family.
iNaCA Scholarship Program
The iNaCA Board of Trustees is excited to continue the school's scholarship program to provide full-tuition scholarships for both new and returning students. Scholarship applications are now closed for 2019-20. For new students, the application process for school year 2020-21 is open. Returning students may apply for a scholarship beginning March 4. The iNaCA Scholarship Program application and recommendation form must be submitted by 11:59 pm ET on June 15.
There are also many other nonprofit and independent organizations that offer external scholarships and aid packages for private school students. Get started with your scholarship search by browsing the top sources for private school scholarships.
529 Plans: Now Usable for Elementary and High School
The federal Tax Cuts and Jobs Act passed into law at the end of 2017 now allows tax-advantaged 529 savings plans -- which previously could be used only for college costs -- to be used for elementary and high school. A 529 plan is similar to a 401k, in that your contributions are invested for growth over time, with gains from those investments exempt from federal tax. Further, depending on your state, your 529 contributions may be deductible from your state income tax. Beginning in 2018, you will be able to withdraw up to $10,000 per year tax-free from you 529 plans for private school tuition and other expenses. As guidance on 529 plans is evolving under the new tax law, talk to your tax adviser when considering use for International Connections Academy.
Coverdell Education Savings Accounts
The Coverdell Education Savings Account (ESA) is designed to help families put away funds for the academic tuition of any U.S student under the age of 18, and realize a federal income tax benefit from doing so. ESAs can be opened in the United States at any bank or IRS-approved entity. Adults with a modified adjusted gross income of less than $110,000 ($220,000 if filing a joint return) can contribute to an ESA.
There is no limit on the number of Coverdell ESAs that can be established for your student. However, total contributions for him or her cannot be more than $2,000 in one year.
State School Choice Programs
Parents have a wide range of options to support their child’s private school education, including state education savings accounts, vouchers, and individual tax credits. Be sure to check the EdChoice School Choice in America Interactive Map to see what programs are available in your state.
Education Saving Accounts
With a state-based education savings account, parents can withdraw their children from a public district or charter school and receive a government-authorized deposit. Unlike a Coverdell ESA, these accounts are publically funded.
State ESA funds can cover the cost of iNaCA’s online learning program, as well as private tutoring, educational therapies, community college costs, and other higher-education expenses.
State vouchers give parents the opportunity to choose any method of private schooling—including iNaCA’s accredited online private school—for their child by using public funds set aside for education. The funds can be used to pay a student’s partial or full tuition.
Individual Tax Credits
Individual tax credits allow parents to receive state income tax relief for approved education expenses like a private school tuition. At iNaCA, a student’s tuition covers the cost of course materials, our challenging curriculum, and our advanced and engaging learning technology. Tax credits also help to lower the total amount of taxes owed each year.
Discount and Payment Plans
iNaCA has several discounts available for full-time families. You can check the full list here to take advantage and save! We also offer monthly payment plans at 0% financing for both full-time and semester enrollment.