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Parents Financial StatementWorkbookApply for Financial Aid in Academic Year 20222023 This workbook walks you through completing your Parents Financial Statement (PFS) as part of your application for

How to fill out parents financial statement workbook

How to fill out parents financial statement workbook

1. Gather all necessary financial documents such as tax returns, pay stubs, bank statements, and investment statements.
2. Fill out the personal information section including names, addresses, and social security numbers for both parents.
3. List all sources of income for each parent including salaries, bonuses, investments, and any other sources.
4. Detail all expenses such as mortgage payments, car loans, insurance premiums, and childcare costs.
5. Calculate the total income and expenses for each parent to determine their financial situation.

Who needs parents financial statement workbook?

1. Parents who are applying for financial aid for their child's education.
2. Divorced or separated parents who need to determine financial support obligations.
3. Individuals or couples who want to assess their overall financial health.

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What is parents financial statement workbook?

The Parents Financial Statement (PFS) workbook is a financial document used by colleges and universities to gather detailed financial information about a student's parents. This information is used to assess the family's financial situation and determine eligibility for financial aid.

Who is required to file parents financial statement workbook?

Typically, parents of dependent students who are applying for financial aid at colleges and universities that require the PFS to be submitted must fill it out.

How to fill out parents financial statement workbook?

To fill out the PFS, parents must provide accurate financial details including income, assets, and expenses. It's important to follow the instructions carefully and ensure all sections are completed to avoid delays in processing.

What is the purpose of parents financial statement workbook?

The purpose of the PFS is to evaluate the financial resources of a student's family to help institutions determine the level of financial aid the student may qualify for.

What information must be reported on parents financial statement workbook?

Information required typically includes income from all sources, savings and investment accounts, real estate owned, other assets, and expenses such as taxes, education costs, and living expenses.