Funds allocated to parents that they may use to purchase education for their children from public or private schools in the area are

The correct answer is known as "Vouchers".

Vouchers are considered to be a bond of the usable, and redeemable transaction variation which is really worth a sure economic value and which may be spent only for precise reasons or on unique goods. Specific examples of vouchers includes the following: housing, travel, and meals vouchers.