Effective this spring, Principia has been approved for United States federal Title IV funds, including Pell Grants and Parent PLUS loans. In other words, domestic students can now qualify for government-sponsored grants and loans.

Q: What is FAFSA?

The Free Application for Federal Student Aid, or FAFSA form, is the application that students complete to determine how much financial aid they will receive for a given year for college. One needs to fill out the FAFSA form to be eligible for federal student funding, in which there are four main types of aid:

1. Grants
2. Scholarships
3. Work-Study Funds
4. Student Loans

Grants and Scholarships do not have to be repaired. Work-Study Funds is the name for the money a student on need-based aid is paid for an on-campus job to cover day-to-day and school supply expenses. Student Loans do have to be repaid after graduation. Depending on the loan and a student’s circumstances, there are benefits to borrowing money through a federal student loan provider that are not present with loans from a private bank or credit union.

Q: How did FAFSA get accepted by Principia?

In 2023, Principia’s Board of Trustees approved the proposal for Principia to participate in public funding opportunities, including the FAFSA. This allows faculty members to use government research grants directly rather than relying on other institutions and extends student research opportunities going forward. The Department of Education and Principia’s administration have put months of work into implementing federal requirements to receive funding and are now in the testing phase, ensuring that all goes smoothly before they proceed any further with the process.

Q: How will this impact students?
FAFSA will only affect and concern domestic students and will not be offered to international students. International students will not be affected because federal financial aid programs are funded by the U.S. government and are only available to U.S. citizens and eligible noncitizens, such as permanent residents. The FAFSA form is now required for all domestic students to renew their need-based financial aid. Students will need to complete the FAFSA form every year they plan to attend college and submit the form as early as possible after the year’s application launches.

– studentaid.gov

Q: How does one apply for FAFSA?

1. Create an account on studentaid.gov or fafsa.gov.
2. Gather necessary documents such as last year’s tax returns, one’s Social Security Number, the net worth of investments, and current bank account balances.
3. Fill out the form by answering the questions accurately.
4. List Principia College’s FAFSA code: 001744.
5. Submit it before the priority deadline.

The process can be sped up by allowing the FAFSA website to link to the student’s or their parents’ tax information already in the IRS database. Besides all the necessary steps listed above, students at Principia will need to ensure their CSS Profile is completed with Principia College’s CSS profile code, 1630. In summary, the FAFSA is now available for domestic students at Principia college and most benefits domestic students who submit it early.