Private School in Northern Virginia May Be More Affordable Than You Think

Private School in Northern Virginia May Be More Affordable Than You Think

20 / November

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Families have been able to use the 529 savings plans in Virginia for over twenty years to help prepare for the cost of college. However, relatively few are aware of the recent changes to Virginia529 savings accounts. Contrary to previous practices, as of January 2018, these accounts can now be used to help save and pay for private or religious K-12 tuition.

This is big news if you are a family paying for private school! Families often make significant sacrifices in order to afford independent education for their children. Any source of financial relief is welcome. Unfortunately, only a small number of individuals who could be taking advantage of this new program know about it. At Pinecrest School, we think it’s time to get the word out! We want to make sure our families are able to take advantage of all the benefits they can.

How does it work?

Contributions to the 529 account are tax free. Up to $10,000 per year can be used towards a beneficiary’s K-12 tuition. If you have multiple children, an account can be set up for each child. In addition to the benefits of being able to contribute and use pre-tax funds for private school costs, there is also a state income tax deduction on contributions to Virginia529 accounts. Additional details, as well as online tutorials, can be found at the Virginia529 website.

At Pinecrest School, we are aware of the intentional choices our families make to have their children attend our award-winning private school, and we are in favor of anything that can help make our special community stronger and more accessible.

What to do?

If you are a current family, take advantage of this program or pass the word along! If you are looking for a quality and affordable private school in Northern Virginia, contact us today. Pinecrest already offers one of the lowest cost tuitions for comparable schools in the Northern Virginia area. With these new incentives, there has never been a better time to consider private education.

*Interested in learning more about our award-winning, quality private school in Annandale?  Contact us now and schedule a tour!