On September 29th, the Nevada Supreme Court issued a landmark decision that upheld its Education Savings Account (ESA) program as constitutional. Passed by the Nevada legislature in 2015, these savings accounts are revolutionizing K-12 education by providing a marketplace for parents to choose where to send their children to school.
Americans nationwide are familiar with more than 15 tax-advantaged savings accounts that exist in healthcare, retirement and higher education. Relatively new are savings accounts for K-12 education, formally called Education Savings Accounts (ESAs).
ESAs give parents the flexibility to tailor their child’s education to meet their needs. The program places the money that would normally be spent on a child in public school into an account that is given to the parents. Parents can then use that money to pay for school tuition at charter, private, and online schools.