Hunter
07/07/23
Iowa’s new education savings account applications, which will use public tax money to help families pay for private schooling, have already doubled what was projected.
The Des Moines Register reports Governor Kim Reynolds announced Thursday that more than 29,000 Iowa students applied for the state’s new program, and more than 17,000 have already been approved. The state projected that 14,068 students would be approved to receive the $7635 for the upcoming school year to pay for tuition, fees, and other private school expenses.
Of those approved, about half already attend private schools.
The Register also reports that according to the state, the average net household income for applicants moving from public to private schools is $128,500, while the average net household income for current private school applicants is $62,200.
Just on those already approved, the cost overrun on initial projections stands at $26.1 million. The state has until the end of the month to approve or deny the remaining 12,000 applications, and Reynolds said that every approved account will be funded.
Mike Beranek, president of the Iowa State Education Association, said the program seems to have an unlimited budget, unlike the public school sector.
