Education Savings Account Program

Program Information

  • ESA
  • Program Type: Education Savings Account Program, Means Tested

Program Update

The law requires that the program begins no later than the 2021-22 school year. However, it is expected to begin in 2020-21.

  • Family income cannot exceed 200% of eligibility for the federal Free Lunch Program($65,260 for a family of 4).
  • Students in grades 3-11 must take the TN Ready English and Math assessments. Only students in the ESA will have to take TN Ready – other children at the independent schools will not be required to participate in TN Ready.
  • Parents must show ID and proof of income using the same application materials as required for federal direct certification programs like SNAP and TANF.

Financial

Scholarship Cap
- An average of $7,300 per child, per year
Enrollment Cap
- There will be 5,000 ESAs available in Year 1. The cap will increase by 2,500 per year until a max of 15,000. - If the caps are reached in a given year, priority will be given to children from the lowest-income families and those zoned for the lowest performing schools.