Financial Aid for Students Attending Canadian Schools
Explanation of the parents' financial statement
What is Financial Aid for Canadian Students?
The organization of Financial Aid for Canadian Students (FACS) provides an analysis of a student applicant's financial supporters' financial ability to contribute towards educational expenses. Each year, the Parents' Financial Statement (PFS) is provided on a confidential basis to member schools who have authorized FACS to assist these independent schools in awarding financial aid to their applicants. Each year that you apply for financial aid, you must file a new PFS.
FACS processes the PFS in keeping with standards and procedures developed by a committee of bursary officers from participating schools. The basic view of the member schools is that parents should finance their children's education to the extent they are able.
The school(s) named by you will be sent a copy of your PFS, the attached tax information and an analysis of it. If you are applying for aid for more than one child at the same school, or different schools only one PFS needs to be completed. When you send a PFS to FACS, you are giving permission for an analysis to be done and for the computation of the required parental contribution to be provided to the named schools. As you complete the PFS, you should know that the information that you provide will be held in complete confidence. Only FACS user schools will be sent your financial information and the FACS analysis. FACS users are told that as few people as possible should be allowed access to any financial information submitted by a family.
Who makes the financial aid decision?
The FACS organization does not make decisions about the amounts of financial aid awarded. It only makes recommendations. The financial aid committees at the schools make the final decision. Direct any questions you may have about awards to those bursary officers and not FACS. The suggested family contribution is based on 2014 projected income and assets.
Where does the funding come from?
The offer of assistance and funding will come from the school being applied to, not FACS. We provide the analysis, which is used by the schools as one of the components to determine the level of assistance able to be offered to the family applying. Our analysis is provided to the school for their exclusive use and is not available to the applicants.
What is the due date and cost for FACS to process the PFS analysis?
Forms should be received by the date set by the applicant's school for submission of financial assistance applications. The fee is $90.00 for the first school you list and $10.00 for each additional one. This fee includes HST and is non-refundable. A PFS can be processed only for schools that are members of FACS. Forms sent to FACS without the processing fee will not be processed.