<p>My daughter is currently a Junior and wants to complete her Senior year of high school at Interlochen Center for the Arts, located in Michigan. They are VERY expensive and at the moment we are trying to figure out financial aid. However, they ask you to fill out a PFS form (Parent Financial Statement), something I’ve never heard of, and it has a fee of $26. Does this sound right? I wasn’t sure and I didn’t want to jump ahead and fill out this form if won’t help me in the first place.</p>
<p>The PFS (Personal Financial Statement) is the standard reporting tool used by institutions of higher education to calculate your “Effective Family Contribution” (“EFC”) – which is basically supposed to represent what you can afford to pay.</p>
<p>As someone here pointed out, the EFC can also stand for “Every Friggin’ Cent.” But the number calculated by the clearinghouse service in Princeton is just a starting point. When you fill out the PFS, you’ll include notes and comments and perhaps provide other supplemental information to the school(s) you’re applying to. Those schools’ respective FA offices then take the data, look at the available funds, look at the overall needs of the incoming class, and calculate an EFC for you specific to the school.</p>
<p>The difference between the actual cost and your EFC is your aid package. It can be in the form of grants or loans (or, in college, you could go on and have work-study programs, etc.).</p>
<p>Basically, you won’t know the pricetag for the school until you learn if your child is admitted.</p>
<p>One piece of advice that I heard that makes sense is to not bother paying the additional $13 to see the EFC number that Princeton sends to your school(s). Who pays $13 extra to have their day ruined? Seriously, getting that number is like getting the halftime score of the Super Bowl. Or, better yet, it’s like getting the halftime score for just one of the teams. You really only need to know the final score, so you get no value in return for your $13. Just indigestion.</p>
<p>It’s a legit service. Well, some will argue that point – and I shall not stand in opposition against those who do – but I’m referring to it being a widely accepted service by which private schools initiate their own internal financial aid calculations for students.</p>
<p>My daughter did her junior and senior years of high school at Interlochen. It is worth every cent and I would do everything possible to allow your daughter to have this experience. I would be glad to answer any questions you might have. It is a magical place. My daughter is now a college senior, and regards Interlochen as the greatest gift she has ever received.</p>
<p>My daughter currently attends Interlochen Arts Academy. We received a pretty generous financial aid offer with her acceptance. Part of the package was a scholarship, for which she was asked to write a thank-you letter. Definitely apply, definitely complete the SPS paperwork…and good luck!</p>