A recent report examines two key questions about Arizona’s ESA program: how much it will cost in the coming year and the characteristics of ESA users by household income and race/ethnicity. The report concludes that the program is now “essentially fully subscribed,” suggesting it will not see the runaway growth in students or state costs experienced in the past two years, and that current ESA costs are largely offset by declining public-school enrollment. Given limited data on the program’s volatility, however, policymakers should not assume the major financial hits are behind them.