Affordability and need-Based Tuition Assistance
Oakridge offers the opportunity to apply for tuition assistance to students entering Grades 1st through 12th, based on their family's demonstrated need. Demonstrated need is defined as the difference between the school's tuition and what the family can reasonably afford to pay. In order to determine the amount a family can reasonably pay for tuition, Oakridge uses the analysis of an outside, objective service called Clarity.
You may begin the application for tuition assistance starting in early November.
Families who have completed their tuition assistance application will receive notice of need-based awards as a part of their enrollment contract.
Other options to explore with your accountant or financial planner:
Coverdell Education Savings Account:
- Allows you to deposit up to $2,000 per year in an investment account
- Contributions are not tax deductible but you do not pay taxes on the earnings
- Funds must be used to pay tuition and other qualified expenses (Kindergarten – 12th grade)
- Child and Dependent Care Tax Credit (see Publication 503; www.irs.gov)
- Dependent Care Flexible Spending Account
Your employer must sponsor a Flex Spending Account (FSA). You can set aside up to $5,000 per plan year (typically plan year is a calendar year) in a FSA. Money contributed to FSA is a pre-tax deduction and therefore subtracted from your paycheck before income taxes and Social Security/Medicare taxes are withheld.