Get the free PARENTS FINANCIAL STATEMENT WORKSHEET

PARENTS FINANCIAL STATEMENT WORKSHEET BUSINESS/FARM This information is only asked of families who report being a sole proprietor of or partner in one or more businesses/farms. Business Information

How to fill out parents financial statement worksheet

Who needs parents financial statement worksheet?

1. Financial institutions: When applying for student loans or financial aid, many financial institutions require parents to fill out a financial statement worksheet to determine eligibility and the amount of aid offered.
2. Colleges and universities: Similarly, colleges and universities often require parents to submit a financial statement worksheet as part of the application process for financial aid or scholarships.
3. Private schools: Private schools may also request parents to fill out a financial statement worksheet to determine financial need for tuition assistance or scholarships.

How to fill out parents financial statement worksheet:

1. Gather necessary documents: Before starting to fill out the financial statement worksheet, gather all the required financial documents, including tax returns, pay stubs, bank statements, investment statements, and any other relevant financial records.
2. Start with personal information: Begin by providing your personal information such as your name, address, social security number, and contact information in the designated sections of the worksheet.
3. Income section: This section requires you to provide details about your household income. Include information about your employment, self-employment, rental income, or any other sources of income. Attach supporting documents such as W-2 forms or 1099 forms if required.
4. Assets and liabilities: In this section, list all your assets such as your home, cars, investments, retirement accounts, savings, and checking accounts. Also, list your liabilities including mortgages, loans, and credit card debt. Be sure to provide accurate values and supporting documents.
5. Expenses section: Detail your monthly expenses, including housing costs, utilities, transportation, insurance, medical expenses, education expenses, and other recurring bills. This section provides a comprehensive view of your financial obligations.
6. Additional information: The financial statement worksheet may have additional sections where you will be asked to provide additional information about extraordinary expenses, special circumstances, or any other financial details that could affect your overall financial situation.
7. Review and submit: Once you have completed filling out all the sections, carefully review the entire worksheet to ensure all information is accurate and complete. Make any necessary corrections or additions. Once satisfied, sign and date the worksheet, and submit it as instructed.

Remember, it is essential to be honest and accurate when filling out the parents financial statement worksheet. Providing false information can have serious consequences and may lead to penalties or the denial of financial aid.

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