Education Savings Accounts

The Students First Act, introduced by Governor Reynolds and signed into law on January 24, 2023, makes state funding available to support the success of every K-12 student in Iowa. Education Savings Accounts (ESAs) provide funds for eligible families from the State of Iowa. Eligibility is spread over three years until becoming available to every child for the 2025/2026 school year.

2023-24 School Year, $7,635 per student
-All kindergarten students
-All public school students who transfer to a private school
-All private school students with a household income at or below 300% of federal poverty level

2024-25 School Year, funding per student equal to the state student rate
-All kindergarten students
-All public school students who transfer to a private school
-All private school students with a household income at or below 400% of federal poverty level
-All students who have previously received an ESA (regardless of income)

2025-26 School Year, funding per student equal to the state student rate
-All K-12 students in Iowa (regardless of income, grade or transfer status)

• The application process is in development and will open on May 31, 2023.
• Applications will be due on June 30, 2023, for the 2023-2024 school year. Applications are valid for one year; families must apply annually to remain eligible for the program.
• The State of Iowa has contracted with Odyssey to execute ESAs. Odyssey currently handles the Arizona ESAs.
• The household income limit for ESAs is based on your Iowa net income. This can be found on line 26 of your 2022 Iowa 1040.
• Disbursements for approved applications will begin in July and a second disbursement will occur prior to the second semester.

Q. What information do I need to set up a Students First ESA for my child?

A. Parents/Guardians applying will need the following information to set up a Students First ESA:

• Parent/Guardian Legal Name
• Parent/Guardian Contact Information (email address and phone number that can receive text messages for updates) and Preferred Language (English or Spanish)
• Parent/Guardian Current Residential Address
• Address used for the 2022 Iowa State Tax Return, if different from current address 
• Parent/Guardian ID Social Security Number or Individual Taxpayer Identification Number)
• Parent/Guardian Spouse ID (Social Security Number or Individual Taxpayer Identification Number)
• Student’s Legal Name
• Student’s Date of Birth
• Student’s Residential Address (if it is different from the parent/guardian address)

Q. What information will be used to verify Iowa residency?

A. Proof of Iowa residency is based on the parent/guardian’s 2022 Iowa State Tax Return. If the parent/guardian did not complete a 2022 Iowa State Tax Return, additional documentation will be required. Details of approved documents to submit for residency verification are listed below.

Approved Residency Verification Documents

• Current Iowa Driver’s License
• OR
• Proof of Residence (current mortgage, lease, utility bill) and one of the following:
• Iowa Voter Registration Card
• Claim of Homestead Credit or Military Tax Exemption on a home in Iowa
• Active checking or savings account with an Iowa address
• Other documents and correspondence initiated during tax periods with an Iowa address
• OR
• Other written and signed narrative from parent/guardian including a stated claim of Iowa residency, and other related documentation reflecting residency.

Q. Where can I find out more details about ESAs?

A. Learn more about ESAs through the Iowa Department of Education website.