Each year, Horizon Academy’s Board of Trustees sets tuition for the coming year to accommodate salary increases, benefit increases, and inflation. With Horizon Academy’s low student to teacher ratio and small class size, it is inevitable that the cost of providing the program will exceed that of schools with larger, more traditional class sizes. A Horizon Academy education is an investment in your child’s future.
Horizon Academy offers aid to qualified students on the basis of the financial need of the family and the availability of funds. Financial aid decisions are made independent of the admission decisions and in no way affect the applicant’s selection. The amount of financial aid awarded may vary from year to year depending upon the funds available and the number of families in need of aid.
Horizon Academy conducts vigorous fundraising campaigns each year to support a substantial financial aid program. It is the goal of the school to provide tuition aid to families whose children have been accepted and have a need for financial aid as verified by FAST powered by ISM, an independent assessment agency. Their recommendation, along with supplementary information (tax returns, etc.) submitted by the parents, is used by the Financial Aid Committee to determine eligibility with the amount awarded being dependent upon the financial need of the family.
New families interested in applying for financial aid must complete a Financial Aid Application as soon as their child has been accepted. The cost of completing the form (payable online) is currently $45.00. The school requires re-application for need-based aid each year.
Awards to first year students are based on the family’s level of financial need considered in relation to the total pool of funds available to the school at the time of request. In subsequent years, evidence of the student’s level of investment, positive anticipation, and commitment to the program will be considered along with the level of need and the pool of funds.
As soon as parents have completed the online form and submitted all the supporting documents, Horizon Academy administrators have access to all the data required to make financial aid decisions that are fair and equitable for all, and will contact parents as soon as possible.
Once a family accepts the financial award and proceeds to the enrollment process, a Tuition Agreement outlining the payment plan will be provided by the school. The signing of the Tuition Agreement finalizes the financial arrangements between the family and Horizon Academy.
Tax Deductibility of Tuition
Horizon Academy provides special education services and therefore, payments to Horizon Academy may be considered deductible medical care expenses under the Internal Revenue Code. The regulations under Section 213 of the Internal Revenue Code provide that: While ordinary education is not medical care, the cost of medical care may include the cost of attending a special school for a handicapped individual, if his or her condition is such that resources of the institution alleviating such handicap are a principal reason for his or her presence there. Dyslexia can be sufficiently severe as to be such a handicap.
Whether the expenses of Horizon Academy will be deductible in a particular case, however, will depend upon the facts and circumstances of each individual student’s situation. Depending on the parents’ income, there are percentage limitations applicable to deductible expenses. Before taking a tax deduction for expenses relating to the special education of a student, parents should confer with their tax lawyer or accountant about the rulings and regulations under Section 213 of the Internal Revenue Code and other applicable laws.
Depending on your 529 Plan, families may be able to use these funds to pay for Horizon Academy tuition. Please consult your financial advisor or the plan provider to find out if this is an option. For more information on 529 plans, click here.