What is AGI and how is it calculated?
Adjusted Gross Income or AGI is calculated and entered on the front of IRS forms 1040-EZ, 1040A and 1040 on line 4, line 21 and line 37 respectively. For most families, the bulk of the amount comes from wages information entered on line 1, line 7 and line 7 respectively, which comes directly from your year-end W-2 statement from your employer. Some other examples of income that is included in AGI are: interest, dividends; alimony received; business income; capital gains; and other. Some common reductions to arrive at AGI include: moving expenses; IRA deductions; and alimony paid.

How will the AGI be determined for single parent or divorced families?
AGI for purposes of calculating family income cap tuition for single parent families will be based on the divorce decree. If the custodial parent is responsible for Catholic school tuition, then their tax return’s AGI will be used. If a non-custodial parent is responsible for tuition, then their AGI will be used. If each parent is equally responsible for tuition, then the AGI of each will be added together and then each will be charged their half. If the decree is silent on tuition, then the custodial parent’s AGI will be used.

What does a family do if their tuition will be based on their percentage of AGI?
The family will only fill out the first page of the FAIR financial aid application (available in our BHCS Business Office). This application along with a copy of their 2006 federal tax return is submitted to FAIR. No filing fee is required. FAIR will calculate their tuition and notify the BHCS Business Office.

How does a family apply for tuition assistance?
Families can apply for tuition assistance by filling out the standard FAIR financial aid application (available in our BHCS Business Office). This form is used for BHCS financial assistance and the Msgr. Lafferty Tuition Assistance. They will send this form along with a copy of their 2006 federal tax return and a $17 filing fee to FAIR. FAIR will notify the BHCS Business Office of the family's awarded assistance.

How much money is available in assistance?
BHCS has money allocated from two sources: $150,000 from our general budget, which is for middle income families; and $125,000 from the Msgr. Lafferty Tuition Foundation, which is for families with the greatest need.

What if a family needs more financial assistance than awarded?
Any family who believes they need additional assistance can meet confidentially with our three member panel. This panel will work with the family to make our tuition affordable.

What about families that have special circumstances arise during the year?
Bishop Heelan Catholic Schools is committed to assisting any family, who demonstrates sufficient interest in Catholic education to find a way to attend our Catholic schools. When the Business Office becomes aware of a family that has a special circumstance, they attempt to work out a payment plan with that family. They will continue to be as accommodating and flexible as they can be to these families.

What about families at South Sioux City St. Michael’s?
Families with children at St. Michaels Catholic School in South Sioux City who have children in the Bishop Heelan Catholic Schools as well will be granted credit towards their family income tuition cap at Bishop Heelan Catholic Schools for tuition that they pay there. These families should meet with the Business Manager to discuss in detail.