Illinois Tax Credit Scholarship

In August, 2017, the Illinois legislature passed the new Illinois Tax Credit Scholarship Program bill, Invest in Kids. This scholarship program awards income based scholarships to students in grades K-12 whose families earn 300% of the federal poverty level or less ($79,500 for a family of four in 2021). Loyola Academy is participating in this program.

To be eligible for Loyola Academy financial aid, all students who meet the criteria for this scholarship will need to complete the tax credit scholarship application in addition to the Loyola Academy financial aid applications.

The application process for the Tax Credit Scholarship for 2023–24 begins January 18, 2023, at 6:30 p.m. 

For the 2023–24 school year, the reservation form will be available on January 18, 2023, at 6:30 p.m., to give families time to enter their information before submission at 7:00 p.m. The reservation form will have two pages:

• On page one, you will enter basic information, such as parent name, student name and contact information.
• On page two, you will review this information and click submit.

Only after clicking submit on page two will you receive your first come, first serve timestamp. 

For additional information on how to apply, visit the Empower Illinois website.

Families will be notified by email when part two of the application opens. Families can complete this step whenever they are able to ensure accuracy, but are encouraged to submit the application as soon as possible for the best chance at receiving a scholarship.

Applications for financial aid offered through Loyola Academy will be available in February 2023 for current Loyola Academy families. Incoming freshmen will receive information when they take the Entrance Exam on December 3, 2022.

If you do not qualify for a tax credit scholarship, you can still apply for financial aid offered through Loyola Academy.

In August, 2017, the Illinois legislature passed the new Illinois Tax Credit Scholarship Program bill, Invest in Kids, which allows for a 75% income tax credit for individuals and corporations who make authorized contributions to a Scholarship Granting Organization (SGO). A SGO is a 501(c)(3) non-profit organization approved by the Illinois Department of Revenue. The primary goal of an SGO is to award scholarships to qualifying students. If desired, an individual may elect to direct their contribution to Loyola Academy.

We strongly encourage you to meet with your personal tax professional to see whether making a gift to an SGO or directly to Loyola Academy stands to make the greatest impact for you and our needy families. However, the most efficient and flexible means by which you can impact Loyola Academy students is by making a gift directly to Loyola Academy.

• A taxpayer must request approval to make a contribution and receive the income tax credit prior to making your contribution online through MyTax Illinois.
• Important: You must have a registered MyTax Illinois account for filing either individual income tax or business income tax in order to apply for approval to make a contribution. If you want to apply, you are encouraged to create a MyTax Illinois account as soon as possible to avoid any processing delays when the application system goes live.
• View the State of Illinois Invest in Kids video on Activating a MyTax Illinois account.
• Additional information is available on the State of Illinois Invest in Kids website.
• Please notify us of your intent—complete this Commitment form to help us plan for the school year.
• Please use the Empower Illinois SGO as the primary giving vehicle when designating your gift to Loyola Academy.
• Loyola Academy suggests consulting your personal tax professional about the implications, advantages and process of donating to this scholarship program.

For additional detailed steps, please click here for instructions from Empower Illinois.

Empower Illinois is the preferred Scholarship Granting Organization (SGO) if you are planning to designate a gift to Loyola Academy. Additional information will be available on the Empower Illinois website in mid-December. Information will include resources for schools and partner organizations as well as functionality for donors and students, including FAQs and how-to tutorials.

Students whose household income is below 300 percent of the federal poverty level ($73,800 for a family of four) are eligible to receive a scholarship. Prior to April 1, 2019, a priority will be given to students whose household falls below 185 percent of the federal poverty level ($45,510 for a family of four). It is important to know that this year, over 150 Loyola Academy families had a household income below 300 percent of the federal poverty level and met the criteria for tax credit scholarships. 

Yes. However, the SGO must liquidate the stock or securities and issue a COR to the taxpayer within 30 days of the receipt of authorized contribution as required by Section 1000.500(c) for the net amount realized by the SGO from the sale of the stock or securities.

Yes. All major credit cards are accepting including Visa, Mastercard, American Express and Discover. There will be a 3.25% processing fee applied to your donation. For more information please click here.

Gifts to the Illinois Tax Credit Scholarship Program cannot be credited toward an existing pledge. This is due to a number of federal and state tax guidelines. All gifts made through this new tax credit program must be new gifts.

Since this is a new program, details are still being finalized. More information about this scholarship program can be found on our website or at the Illinois Department of Revenue’s website or at the Empower Illinois website (which will be available in the middle of December).

If you have any follow up questions, please contact Vice President for Advancement Bob Miller at 847.920.2428 or bmiller@loy.org.