INSIDE INFORMATION Understanding charter schools Charter schools are tuition-free public schools that were created by the Texas Legislature in 1995 to foster innovation and allow for more choices in the state’s public school system. Unlike traditional public schools, charter schools are fully funded by the state and receive no local revenue, such as property taxes.
The process for admission to charter schools depends on whether there is space available at the school.
Admissions
Future students or parents must ll out an application with basic identifying information.
Preference in the lottery may be given to students with a sibling already admitted to or attending the school, or students whose parent works on sta. If a school has more applicants than positions available, all open- enrollment charter schools are required to utilize a random lottery or admit students based on application submission order. Charter schools are open to all students, but barriers to entry can include living outside school boundaries, or having a criminal or disciplinary history.
Comparing schools
Charter schools serve about 7% of all public school students in Texas. Charter schools and independent school districts have similarities and dierences in their required rules and regulations. Key Number of students served Number of campuses ISDs Charter schools 5.43M students Nearly 300,000 students 8,973 schools 896 schools
While charter schools receive more funding from the state overall than independent school districts, charter schools receive less public funding in total since they are not funded locally.
Funding
The similarities
The differences
• Flexibility in designing and running charter schools • Specialized programs and models • Teacher certi cation requirements
• State curriculum standards and exams • Graduation requirements • Special education and bilingual
Public charter schools
Independent school districts $11,958* per student Local funding: $7,611 per student State funding: $4,347 per student
$10,992 per student Local funding: none State funding: $10,992 per student
education requirements • Financial and academic accountability
*TEXAS PUBLIC SCHOOLS GET MULTIPLE ALLOTMENTS BEYOND THE BASIC PER PUPIL FUNDING. THESE NUMBERS ARE CALCULATED BASED ON AVERAGE OVERALL FUNDING FROM STATE AND LOCAL SOURCES.
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*©Jet HomeLoans, LLCSM (“Jet”) NMLS ID# 1660135. Corporate Oice: 14701 Philips Highway, Suite 202, Jacksonville, FL 32256 | 833-270-7191. Jet is a partnership with FBC Mortgage, LLC NMLS ID# 152859 and Dream Finders Homes. All products are subject to credit and property approval. Programs, rates, program terms and conditions subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. This is not a commitment to lend. NMLS Consumer Access: www.nmlsconsumeraccess.org. 1) Scenario is an estimate only and is based on a 640 FICO score on a 30 year (360 months) VA fixed-rate mortgage at a sales price of $550,000, 100% LTV, loan amount of $550,000, rate of 4.99%, and APR of 5.230%, which would result in a principal and interest payment of $2,949. 4.99% rate is based on a builder paid forward commitment to buydown the market rate. 2) Scenario is an estimate only and is based on a 720 FICO score on a 30 year (360 months) Conventional fixed-rate mortgage at a sales price of $550,000, 80% LTV, loan amount of $440,000, rate of 5.49%, and APR of 5.543%, which would result in a principal and interest payment of $2,496. 5.49% rate is based on a builder paid forward commitment to buydown the market. Payment scenarios do not include taxes, insurance, mortgage insurance, or HOA fees (if applicable) and the actual payment obligation may be greater. The forward commitment may not be available on all loan programs. Borrower is not required to finance through Jet but must use Jet to receive incentives. See a Coventry Homes representative for details. Only available in Coventry Homes communities for contracts written and closed by August 31, 2023, on specific homes. Subject to cancellation/change at any time.
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