Frequently Asked Questions about the FAFSA

The code for Principia is 01744. This is sometimes referred to as the OPE ID (Office of Postsecondary Education Identification).

The FAFSA® uses your and your parents’ financial information. This information is then sent to all the schools you’ve applied to.

Once you’ve been accepted to a school, that school then uses this info to determine what your Student Aid Index (SAI) is. Remember the Estimated Family Contribution (EFC)? It’s been renamed to the Student Aid Index. The SAI is an index number that schools, states, and the U.S. Department of Education use to figure out what types of aid you’re eligible for and how much.

Then, the school will compare your SAI to the Cost of Attendance (COA). The COA varies from school to school, but it usually covers things like tuition, food and housing, books and supplies, and other school-related fees.

The difference between your SAI and COA will determine your financial aid for each school you get accepted into.

You are independent if you can answer yes to the below questions:

• Are you 24 years or older?
• Are you active duty in the US Armed Forces?
• Are you a US veteran?
• Do you have children or other dependents?
• Are you an orphan, in foster care or a ward of the court?
• Are you an emancipated minor?
• Do you have legal guardians that are not your parents?

If you did not answer yes to the above questions, you qualify for a dependent status.

Note: if you have unusual circumstances that would make you provisionally independent,  then you must contact Principia’s Financial Aid Office and discuss the unusual circumstances with them. Be advised that they must collect official documentation for these circumstances.

Students need to apply submitting a FAFSA® through the U.S. Department of Education, and then you’ll get your financial aid offer through Principia College when you’re accepted.

Any grants, loans, or work-study programs you’re eligible for will be disbursed directly to your student’s account. You’ll likely have your financial aid disbursed twice a year, and we will let you know when they get it.

You’ll need to accept your financial aid offer through Banner and loans via https://studentaid.gov/. Contact your Principia Financial Aid Office with questions.

The term “self-help” refers to paying for your educational expenses with loans (federal, state, and private educational lenders), 529 plans, and Employment/Self Pay options to pay. It is called “self-help” because the individual takes responsibility for receiving this type of aid. You may be eligible for federal subsidized and/or unsubsidized loans. Both kinds of loans have federal maximum amounts allowable per student per year, different interest rates and conditions.

Subsidized Loans: no interest accrues until after you graduate, and no payment is required until after you graduate

Unsubsidized Loans: interest accrues immediately but no payment is required until after you graduate.

No. As of Fall 2025, Principia loans are discontinued and federal loans will replace them.  For returning students who were enrolled at the college before Fall 2025, they will be eligible for a Principia loan after their federal loan options have been exhausted.

Yes. Your parents may be eligible for a Parent PLUS loan. They can apply at https://studentaid.gov/.

Log in to https://studentaid.gov/ and find your application status in the Status Center under “My Activity.”

Add the account balances of your (and if married, your spouse’s) cash, savings, and checking accounts as of the day you submit the FAFSA form. Don’t include student aid, retirement plans, or investments.

While completing the FAFSA® form, you must list at least one college or career school to receive your information.

To add colleges and career schools after your FAFSA form is submitted and processed, do the following:

• Log in to StudentAid.gov.
• From your Dashboard, select the submitted FAFSA form.
• Select “Add or Remove Schools” from the Selected Colleges card.
• Select “Search and select schools."

From the “College Search” page, you can search for a school that you want to receive your information by selecting the state in which the school is located, entering the city and/or school name, and selecting “Search.”

Yes. Once it’s been processed, you can make changes to correct or update the information on your FAFSA form. You should make a correction in the following situations:

• You made a mistake in what you reported on your form.
• Your form is in “Action Required” status, and you need to make a required correction such as adding a missing signature or providing consent and approval.
• You want to add or remove schools from your form.

You can begin the FAFSA in December prior to the year you are starting. For example, if you are attending in Fall of 2025, you can start the FAFSA in December of 2024. Note that you will have to remember your FSA ID and password. In other words, you cannot create a new account for your FAFSA, you must use the existing one.

Once enrolled, you must complete a FAFSA each year to renew your financial aid. The deadline for this is April 30. Note that you will have to remember your FSA ID and password. In other words, you cannot create a new account for your FAFSA, you must use the existing one.