Tennessee education savings account plan to cost $125M
NASHVILLE, Tenn. (AP) — Gov. Bill Lee says his school voucher plan will now cost $125 million over the next five years in his pursuit to allow more parents to use state funds to pay for their children’s private education.
According to the proposal provided Thursday, parents of students in certain low-income school districts could receive $7,300 to pay for approved expenses.
Enrollment would be limited to 5,000 students in its initial year, but the cap would increase by 2,500 students if the enrollment maximum is met in the following year.
During Lee’s first State of the State address to lawmakers, the Republican governor said the program could cost at least $25 million, but officials have since said that number will be $125 million over the next five years depending on student participation.