When you are applying to private schools and requesting possible Financial Aid assistance, your school will most likely ask you to fill out a Parent’s Financial Statement if your are going through the SSS.
The PFS:
The Parent’s Financial Statement is known, not so affectionately by many, as the PFS. There is both a printed version and an online version of the PFS that is available. Most schools and the SSS will generally tout the speed and efficiency of the online version.
The PFS is a useful tool for parents because it helps you avoid repeat information. The PFS keeps you from having to fill out a lot of the same information for each school that your child is applying to. You will indicate on the PFS which schools you want the data sent to. If your child is applying to three schools, then all three prospective schools will receive the data.
The PFS will collect data on your family, income and expenses. You will be asked to answer questions such as family size, total income, savings, investments, debt, medical and dental expenses, as well as any other trusts or educational savings accounts.
Your PFS can be mailed in, but as stated before, most schools and the SSS itself usually prefer the faster method of online transfer.
After receipt, the SSS analyses the information on the PFS to estimate the amount of your family’s reasonable contribution to your child’s educational expenses and that information is then sent to the schools that you indicated on the PFS initially.
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