KEEPING PREP ACCESSIBLE AND AFFORDABLE.

Income figures must be supported by tax documents for the most recent year. This includes the prior year federal tax return and W-2 forms (from 2024). Current year tax returns should be submitted prior to April 15, 2025. 

In addition, Prep financial and tuition staff may require three years prior returns to determine income history.

We consider the following to be gross family income: salaries, investment income; self-employment income, social security or disability; rental income; housing allowance or assistance; income or cash distributions from LLCs, S corporations or partnerships; retirement plan or pension distributions; child support; and other income, including nontaxable income. Income will be considered prior to deductions for retirement and Health Savings Account contributions. 

Income for families with traditional W-2 earnings, and no other sources of income, can be derived from the AGI (Adjusted Gross Income) on line 11 of Form 1040 federal income tax return.

Prep reserves the right to consider future earnings potential in contrast to your most recently filed income tax return. Prep also reserves the right to consider significant liquid assets that could be drawn from to make tuition payments in excess of the amounts shown above.

Families with business income may be required to provide business financials in order to gain a better understanding of actual income earned from the business. Adjustments to gross income may be made for certain deductions reported on your tax return, such as depreciation/Section 179 bonus depreciation expense vehicle expense home office expense, etc.

When a student’s parents are separated, Prep considers the financial resources of all living parents, stepparents and other adults living in the household in which the student resides. Tuition contracts may be arranged jointly or separately according to the family’s preference. Tuition does not include school fees, although they can be added to the monthly FACTS plan account.

Yes, to be considered for an Income-Based Tuition adjustment, families must complete a FACTS application, along with supporting tax documents, each year.

If earnings are repeatable and expected during the next tax year, they will be used in determining family income. If the earnings are aa one-time event, the family’s income will be reduced by those earnings.

To ensure you receive the tuition adjustment due you, we encourage you to report this key information on your FACTS application each year. There is a special section #9: Additional Questions, to include this information. We encourage you to be as thorough as possible. In addition, you can discuss the specifics of your situation with a phone interview.

Creighton Prep views college tuition as an investment in education and the future. While some families are able to assist their children with the payment of college tuition, many college students take on student loans and pay them over time. For this reason, Prep does not factor in college tuition expenses for other children in the household in determining a tuition adjustment for your Prep student. 

There is not an automatic discount for multiple students at Prep, however the determination of your tuition adjustment may be impacted by having more than one student at a tuition-charging high school in the same year – including Prep and other schools.

The Prep business office is able to pivot if a family’s income or circumstances change. Be sure to contact the Prep Business Office to report any change and we will then work with the family to create a tuition plan that works for all parties.