Principia College is now accepting FAFSA (Free Application for Federal Student Aid) which can support many students on campus. Through FAFSA, students can receive financial help with their Prinbills. 

FAFSA allows students access to a federal grant, also known as a pell grant, which grants students federal money that doesn’t have to be paid back like a loan. Students obtain at least a maximum amount of over $7,000 from their pell grant which can be used for school or personal expenses. With FAFSA, they will receive  an estimated amount depending on the student’s income level. Low income meaning a single person house holding making less than 15,000 because one person in the household gets at 5,000 on their Pell Grant. Medium income level is in between the smallest and largest income and you would get what’s in between 

Another benefit that FAFSA gives is loans. Unlike private loan companies that demand payments to be paid by a certain date and increase interest rates when individuals fall behind on their payments, FAFSA ensures lower interest rates for students in need of a loan. Right now the interest rate is at five percent, but depending on what loan students get, they don’t have to pay back the loan. With FAFSA, they are more flexible with  students and work with student’s schedules to fulfill the loan when the students themselves are able to the income-driven repayment plans are also an option for students if needed. There is also a loan forgiveness program that allows some or all of a student’s loans to be forgiven if the student meets all the qualifications of this program. To be in this program, the student or borrower must have worked a full time job at some point, and have an occupation that ensures the borrower is able to make the payments.

FAFSA also gives students the opportunity to join in a work–study program and get financial aid from that program as well. Students are able to apply for this program meaning students are at least a part-time student, undergraduate, graduate or professional student, and meeting school eligibility requirements. Students can find part time jobs to help cover their education expenses. Students can work on or off campus, in their community, or in the field of study of their choice. This allows students to make money towards their academic needs. These programs also are flexible in that students are able to work around their academic schedule. Undergraduate and Graduate Students are eligible for this program. Students must have financial aid, and students can apply free on the FAFSA website. 

FAFSA gives students the opportunity of less financial strain so that students can find work or focus on their studies without the hindrance of their financial bills hanging over their head.