OTHER WAYS TO AFFORD A COLLEGIATE EDUCATION
Flexible Spending Accounts
If your employer offers a Dependent Care Flexible Spending Account, this account may be used to pay tuition for Preschool and Pre-Kindergarten programs. There is a $5,000 cap per household for the expense.
Section 529 Plans
The Tax Cuts and Jobs Act of 2017 contains a provision that allows the use of Section 529 savings to pay for private K-12 education up to $10,000 per year, per child. Establishing and funding a Section 529 plan can provide significant tax benefits. Kansas taxpayers may take an annual deduction of up to $6,000 from a married, joint filer, or $3,000 for a single filer from Kansas adjusted gross income for contributions into each beneficiary’s 529 plan. See your investment advisor and accountant for more information. Resources from the State of Kansas Treasury Department on 529 Plans and your K-12 education may be found here.
In 2008, the Malone Family Foundation in Colorado selected Wichita Collegiate School as a Malone Scholars School, providing a $2 million endowment to enable an excellent educational opportunity for academically talented students who might not otherwise be able to attend the school. There are only 50 Malone Scholars Schools in the United States, and WCS is the only one in Kansas. Learn more about the Malone Scholars Program at WCS.
Local chapters of some national groups like the Rotary Club, ACE, Hispanic Education Foundations, and more also have scholarship programs.
LearningQuest is the platform the State of Kansas currently uses to provide information on 529 Plans.