You have options.
A number of valuable tax deductions, credits, and third party funding sources can help reduce the overall cost of attending Thames Academy. The opportunities available to each family will depend on their individual circumstances. We encourage you to set aside time to research your options. The suggestions below will help you get started.
School District Support
About 30% of the students attending Thames Academy are funded in whole or part by their school district, pursuant to the student’s Individual Educational Plan (IEP).
Thames Academy will accept students who have graduated, and in certain instances, those whose successful completion of Thames Academy will fulfill senior year high school graduation requirements.
We recommend early contact with your IEP Coordinator or District School official to discuss the potential for school district support. If you plan to discuss with your school system that Thames Academy be part of your student’s transition programming as designated by IEP, feel free to contact the director of Thames Academy, Jacqueline Jewett, for additional guidance. She can be reached at 860-701-5158 or email@example.com.
You may find the help of a special education advocate or attorney helpful in this regard. While Thames Academy does not endorse any particular advocate or attorney, the Council of Parent Attorneys and Advocates may be a useful resource. See www.copaa.org.
Tax Credits and Deductions
Parents should consult with their accountants, legal counsel and/or tax advisors as to the availability of these and any other deductions or credits. It is noted that the IRS has not released any definitive statement that any students of Thames Academy are eligible for these deductions or credits. Neither Thames Academy nor Mitchell College provides tax advice. We recommend you consult with your tax advisor to decide if these deductions and credits apply to you.
Deductibility of Tuition and Fees as Medical Expenses
For taxpayer parents of certain students, Thames Academy tuition, meals and lodging may qualify as medical tax deductions. IRS Publication 502-Medical and Dental Expenses states:
"You can include in medical expenses the cost (tuition, meals and lodging) of attending a school that furnishes special education to help a child overcome learning disabilities. A doctor must recommend that the child attend the school. Overcoming learning disabilities must be principal reason for attending the school, and any ordinary education must be incidental to the special education provided."
The IRS allows most taxpayers to deduct medical expenses that exceed 10% of their Adjusted Gross Income (AGI).
The Lifetime Learning Tax Credit
Certain families can claim a tax credit of up to $2,000 per tax year for an eligible dependent for an unlimited number of years. The credit is 20% of the first $10,000 of qualified educational expenses paid for all eligible students. This tax credit is available to taxpayers with certain income levels. The Lifelong Learning Tax Credit is available for all years of postsecondary education, and for courses to acquire or improve job skills.
Student Loan Interest Deduction
The IRS allows a tax deduction for certain taxpayers of up to $2,500 on the interest you pay each year (for the first 60 months) on a student loan for yourself, your spouse (if married), or a person who was your dependent when the loan was taken out. You may claim this deduction even if you don’t itemize deductions. The credit is available to taxpayers with certain income levels.
Many states provide transition assistance for young adults with disabilities. Programs vary by state. To begin your investigation we recommend you check with your state’s Bureau of Rehabilitative Services or equivalent.
- New Hampshire
- New Jersey
- New York
- Rhode Island
Some of the best scholarships are offered locally and require time on your part to find. Some scholarships are offered exclusively to students with learning disabilities. Here are sites worth checking:
Scholarships for student with Learning disabilities
RISE Scholarship Foundation
A non-profit resource and scholarship opportunity for high school students who learn differently
National Center for Children with Learning Disabilties
Resources for parents and educators, including scholarships
The Governor’s Coalition for Youth with Disabilities (Connecticut residents only)
This scholarship recognizes the achievements of graduating high school seniors with disabilities
You may take out a private loan to fund the cost of attendance. We recommend checking with Sallie Mae.
Your Admissions Counselor will certify loans once you deposit.
Please visit the Mitchell Refund Policy page to learn more. http://community.mitchell.edu/RefundPolicy