We want to make you aware of a new scholarship opportunity at FBA!
The Leadership Team at First Baptist Academy has been aggressively pursuing a new opportunity to make FBA more affordable for families who seek the financial resources to have access to a private Christian education for their children.
We are excited to announce that we have received approval from the Florida Department of Education to offer the Florida Tax Credit Scholarship to the FBA community!
We have done the math, and in most cases, FBA families who have been recipients of FBA financial aid in the past may qualify for as much or more in FTC funds compared to the FBA financial aid fund.
For those families who meet the FTC income guidelines, FBA will require proof of FTC eligibility prior to processing their FBA Financial aid application for consideration.
Since 2002, the corporate community has committed more than approximately $3.3 billion, which has funded over 680,000 scholarships to ensure all children have equal opportunity to achieve their maximum potential through education.
It’s as Easy as 1-2-3!
- Do your children qualify? See infographic above or HERE for income guidelines. If yes, apply for the FTC Scholarship HERE
- Apply for admission at FBA HERE
- Share your FTC letter of eligibility (6-8 weeks from date of completed application) with the FBA Admissions Department.
For more information, visit the Florida Tax Scholarship Webpage
529 Savings Plans Offer Exciting New Options for Christian Schools
The recent tax reform law created a great opportunity for Christian schools and families. The Tax Cuts and Jobs Act was signed into law December 22, 2017. In a significant step forward that ACSI strongly supported and promoted, the law expanded 529 savings plans so that they now allow savings for K–12 tuition expenses. The maximum distribution for K–12 tuition is $10,000 per year per child for expenses incurred beginning January 1, 2018.
This means current account owners may begin using these funds immediately for K–12 tuition! (Be aware that states are still updating their laws so your state tax treatment may not yet be finalized.)
The practical effect of the change is that, beginning January 1, 2018, parents can begin to save for both college expenses and for K–12 tuition expenses and the earnings will grow free of federal tax. Special federal tax provisions exist for treatment of gifts to 529 savings plans so that even grandparents or extended family may contribute.
First Baptist Academy uses the FACTS Tuition Management Program to handle our payment plans. If you pay your tuition through FACTS Tuition Management, you can check on the status of your account, the schedule of payments still to be made, a listing of those payments already made, and a complete listing of all activity through My FACTS Account.
FBA expenses are incurred on an annual basis; therefore your obligation to pay the full year of tuition is necessary. To protect your investment of a full year's tuition, the Tuition Refund Insurance Plan is now available for those families financing their tuition (more than one payment) and is MANDATORY for those with FACTS accounts (2-12 payments). For those making one annual payment for tuition you may purchase Tuition Refund Insurance on a voluntary basis. Partial refunds will be provided in the case of a job loss, job transfer out of the area, severe medical issues, death of spouse, or when a student withdraws for non-medical reasons. Please see the full policy outline here.
Financial Aid is available to all qualified FBA families with students in K4 through grade 12 as funds are available. Students must first apply to FBA to be considered for Financial Aid.
To apply for financial aid, each family must complete an online financial aid application.
FACTS Grant and Aid will contact the FBA business office with qualified family awards. FACTS Grant and Aid will verify your income using your most recent Federal Income Tax Return, so please have it ready to submit when applying to FACTS Grant and Aid.
Financial Aid FAQ Sheet 2018-2019
Who can apply for financial aid?
Any family/student entering K4 through the 12th grade that has completed an enrollment or reenrollment application and paid the applicable fees may apply. There is no financial aid for preschool. We will not accept or honor any financial aid requests from anyone who has not applied for entrance into FBA.
When can I apply for financial aid?
On-line access will be available January 10, 2018, the first day of re-enrollment for current FBA students. The deadline for completion of the Financial Aid application for the 2018-2019 school year is April 16, 2018. FACTS Grant and Aid will verify income by using the 2017 Federal Income Tax Return and your W-2's, so all families interested in applying for aid should begin work on your 2017 tax return as soon as possible.
How do I apply for financial aid?
We use FACTS Grant and Aid, a branch of the FACTS Tuition Management Company to qualify families for financial aid based on need. All who would like to qualify for assistance should complete this application. If you currently have a FACTS Tuition Management account, you will use your current login information.
How much aid can I expect to receive?
Financial Aid awards are income-based, is reviewed by FACTS Grant and Aid, and forwarded to the FBA Financial Aid Committee. There are many factors considered when reviewing an application, and each situation is viewed independently by the Financial Aid committee. Financial Aid awards are based on availability of funds and are provided through the fundraising efforts of First Baptist Academy. There are no full scholarships granted at FBA.