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Federal Aid Information

Federal Grants  

  1. Federal Pell Grant: Provides financial assistance to students with very high need. The amount of grant awarded to a student is determined each year and is based on the Student Aid Index (SAI) as calculated by the FAFSA 

  2. Federal Supplemental Education Opportunity Grant (SEOG): The Federal SEOG is awarded to Pell Grant recipients with the highest financial need. The amount of SEOG is determined by Principia College based on available funding levels.  

Federal Student Loans 

  1. The Federal Direct Loan 

The Federal Direct Loan program is a federally funded, self-help program offering a way to borrow money to pay for higher education. Also known as Stafford Loans, these loans are the most common of all federal loans. For these loans, the U.S. Department of Education is the lender and delivers the loan funds directly to the school. Federal loans (including fees, interest rates, and limits) are dependent upon funding levels appropriated by the federal government and are subject to change.  

At Principia College, we will include these loans on your financial aid award letter if you are eligible to receive them. There are two types of Federal Direct Loans that may appear on your award:  

  • Federal Direct Subsidized Loan: This loan is awarded to students with financial need. Interest does not accrue on this loan until after graduation.   

  • Federal Direct Unsubsidized Loan: This loan is awarded to students who do not have financial need or whose need has been met with other types of financial aid. Interest begins accruing on this loan immediately.  

There are federal limits that specify how much loan eligibility students have each year based on the number of hours or credits the student has completed in college and if the student is dependent or independent. Learn more about student aid limits.

  1. Federal Parent Loans 

The Federal Direct PLUS Loan (Parent) is a federally funded loan for parents. Parents may borrow the difference between the cost of attendance at Principia College and all the financial aid the student has received. To apply for a Parent PLUS Loan, the student is required to complete the Free Application for Federal Student Aid (FAFSA).   

The federal government will run a credit check to determine if you, the parent, are eligible to borrow the Parent PLUS loan. One or both parents are eligible to apply for a loan in their name. Grandparents, aunts, uncles, and/or other legal guardians are not eligible to apply for a Parent PLUS loan unless they have legally adopted the student.  

Before the loan is disbursed, an origination fee is withheld. When requesting the loan to cover the student's balance at Principia College, it is important to remember that the origination fee will be subtracted from the amount requested. Additional fees for Federal Student Loans are applicable.  

While the Parent PLUS Loan is used to cover the educational expenses of your student, it is important to remember the loan is in the parent's name. You are the one responsible for repaying the loan. It cannot be passed on to your student. The repayment period for a Direct PLUS Loan begins immediately after you’ve received the last disbursement of the loan, while your child is still in school. However, you may be able to defer making payments while your child is enrolled at least half-time, and for an additional six months after your child graduates or drops below half-time enrollment status. If you request a loan for one semester, repayment begins 60 days after the start of that semester.

  1. Log into studentaid.gov to apply for the loan (you, the parent, should sign in to studentaid.gov using your FSA ID; do not use your student's FSA ID).  

  1. Once logged in, select "Apply for a Direct PLUS Loan" and then select "Parent PLUS" and follow website instructions.  

At Principia College, you can use a variety of payment methods to cover your student's balance. You are able to make lump sum payments at the beginning of the semester, monthly payments through the Payment Portal, and through the Direct PLUS Loan.  

If you were approved for the Parent PLUS Loan, complete the Master Promissory Note (MPN).  

Loan repayment and deferment options are available for parents once they are signed in to the studentaid.gov website.

Responsible Borrowing  

We encourage you and your family to be responsible borrowers if you decide to take out a loan to help cover the costs of your education at Principia College. Learn more about what the U.S. Department of Education says about responsible borrowing in this video

State Programs  

Grants may be awarded by federal and state programs. Financial need is often a requirement for these programs and filing the FAFSA is required initial step.  

Illinois Monetary Award Program (MAP)

The MAP Grant Program is provided by the State of Illinois to legal residents of Illinois and is based on financial need.  Eligibility is determined each year by the state agency using the information reported on the FAFSA.  Application deadlines may apply.