Remember back when we all went public school or the priviledged went to private boarding schools. The days when there were no knives, guns or drugs...well, I do. And incredibly, I miss those days.
In those days we got an education and it didn't cost a small fortune.
Today, parents find themselves wanting to keep their kids safe and out of the "drama" of public schools. Their goal is to find a school that will meet your child's needs. But how do you choose between a public school and a private school? And are you sure that you can afford the luxury of a private school.
Public schools cannot charge tuition. They are funded through federal, state and local taxes. When you pay your taxes, you are paying for your child's education and the education of other children in your community.
Private schools cost money. Private schools do not receive tax revenues, but instead are funded through tuition, fundraising, donations and private grants. According to the National Association of Independent Schools (NAIS), the median tuition for their member private day schools in 2005-2006 in the United States was close to $14,000 for grades 1 to 3, $15,000 for grades 6 to 8 and $16,600 for grades 9 to 12. The median tuition for their member boarding schools was close to $29,000 for grades 1 to 3, $32,000 for grades 6 to 12. Note that of the 28,384 private schools in the United States, about 1,058 are affiliated with NAIS. The Digest of Education Statistics 2005 from the National Center for Education Statistics (NCES) reports that for the 1999-2000 school year, the average private school tuition was about $4,700.
Parochial schools generally charge less. According to the National Catholic Educational Association, in their annual statistical report in 2005-2006, the average elementary school tuition for Catholic schools (in 2005) was $2,607; the average freshman tuition (for 2002-2003) was $5,870. Catholic Schools enroll more students (49%) than any other segment of private schools.
Public schools admit all children. By law, public schools must educate all children, including students with special needs. To enroll in a public school you simply register your child by filling out the necessary paperwork.
Private schools are selective. They are not obligated to accept every child, and in many private schools admission is very competitive.
With the increasing trend for parents to send their children to private schools, tax professionals are hearing the all important question, "Can I take off the cost of tuition for my child to attend private school under the education credit?".
Unfortunately the answer is no. The education credit is for "higher education" as in college, whether it be a community or four-year college. Tuition for private schools is considered a "priviledge".
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