Payment Options

Find the right fit for your family

Hammond offers annual, semi-annual and monthly payment options. Please download the 2023-24 Tuition Bulletin for details.

Using a 529 Plan to Fund Tuition

529 Plans are educational savings plans designed to allow for the tax-free growth of investment funds used for qualified expenses. Not only can 529 Plans be used to fund a college education, but up to $10,000 per student can be used to pay private school tuition.

Potential Benefits

List of 4 items.

  • Contributions to a 529 Plan are income tax deductible

    (Example: a $10,000 contribution by a parent in the 7% income tax bracket will receive a $700 reduction in his income tax).
  • If you don’t have a 529 Plan, you can establish one and begin using funds immediately.

  • Grandparents and friends can use a 529 to fund a child’s education while retaining control over the account

    (the gift tax exclusion still applies)
  • Gains from investments are exempt from Federal and State taxes as long as the money is used to pay for qualifying educational expenses.

This information is not offered as tax advice. A personal financial or tax adviser can explain if and how this new law may benefit you and your family.