Rights and Responsibilities
Principia College, as a Title IV institution, has the responsibility to check and report students’ application information to the National Student Loan Data System (NSLDS) and the Integrated Postsecondary Education Data System (IPEDS). The National Student Loan Data System (NSLDS) is the national database of information about loans and grants awarded to students under Title IV programs. NSLDS provides a centralized, integrated view of Title IV loans and grants during their complete life cycle, from aid approval through disbursement, repayment, deferment, delinquency, and closure.
View the Principia Catalog for costs to attend and use the Net Price Calculator to calculate estimates.
Principia College’s Responsibility
Information from students or parents of students, who receive any kind of Title IV HEA funding, will be disclosed to NSLDS and/or accessible by authorized agencies, lenders, or other institutions. When any Title IV, HEA funds were awarded by Principia College to students or parents on behalf of students, and the student withdraws or ceases attendance:
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The College will identify students and complete the Return of Title IV funds calculation for those students.
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Any Title IV, HEA funds required will be returned to the correct Title IV program within 45 calendar days of the date the official notice of withdrawal was provided.
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If less Title IV aid has been disbursed than the student has earned, a post-withdrawal disbursement will be calculated and must be offered.
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Principia College will always return all of the excess funds, including funds the Return of Title IV calculation identifies as the student’s responsibility to return.
Rights and responsibilities of students receiving federal financial aid:
Students’ Responsibilities
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Read all information associated with your financial aid award letter, including the Students’ Code of Conduct.
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If you owe money from a prior over-award of federal funds at any institution, you need to make arrangements for repayment of the over-award. You are not eligible for financial aid if you owe a refund of federal funds.
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You must be in good standing and be making satisfactory academic progress.
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You must report any additional financial aid (scholarships, grants or loans) you receive that is not listed on your current award letter from Principia College.
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You must meet all other conditions contained in the Financial Aid Handbook.
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You will need to submit information requested by financial aid officers, Principia, or any other institution or program to which you are applying for aid to clarify your eligibility for financial aid accurately, in a timely manner, and by the appropriate deadlines.
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You and/or your parent(s) will be required to fill out the FAFSA application completely and accurately and submit additional documents for verification purposes. These may include tax transcripts, W-2 forms, and financial aid verification worksheets. Failure to submit the requested information within 30 days of request could result in the de-activation of your file and potential loss of available funds. Falsification of information on application forms for federal financial assistance is considered a criminal offense, and you may be subject to penalties under the U.S. Criminal Code.
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You must repay all loans according to your established repayment schedule. You are not eligible for financial aid if you are in default on any federal financial aid received at any institution.
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If requested by the College, you must participate in loan entrance counseling.
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You must notify the Registrar’s Office of any change in your name or address.
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You must notify the Registrar Office AND the Office of Financial Aid of any change in your enrollment (i.e., full-time to part-time attendance).
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You must satisfactorily perform any work agreed upon in your on-campus employment position.
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You must understand the Principia College withdrawal process and the refund policy.
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You must monitor and retrieve email and electronic postings issued by the Office of Financial Aid. As a prospective student, you will receive electronic messages and official notifications related to your financial aid if you reported a valid email address during the application process. As an enrolled student, you will receive all official notifications related to your financial aid electronically via your Principia email account. In addition, some information may be posted directly to your BannerWeb account and Panther Portal.
Please see the Federal Title IV Refund Calculation/Policy (R2T4) section in the Financial Aid Handbook.
Your Rights
As a student at Principia College, on financial aid, you have the right to know:
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What financial assistance is available to you, including all federal, state and institutional financial aid programs.
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What the deadlines for submitting financial aid applications are, and the process required.
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What the estimated cost of attendance is, including tuition, housing and food, books and supplies, and other miscellaneous expenses.
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What data was used to determine your financial need, how students are selected to receive financial aid, how award amounts are determined, and how your financial need, as determined by the college, is being met.
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What each type of assistance in your financial aid award is, and what awards are grant or gift aid and what portion must be repaid.
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The frequency and method for disbursement of your financial aid.
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What the criteria are for continued financial aid eligibility, including how Satisfactory Academic Progress (SAP) is determined (as defined by the Department of Education).
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What the interest rate is on any student loan in your package, the total amount you must repay, when repayment starts, and what cancellation and deferment provisions apply.
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The average indebtedness of a student who graduates from the College and the percentage of students who default on their federal student loans.
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If student employment is part of the Offer of Financial Aid, what kind of job it is, how many hours must be worked, what the duties are, the pay rate, how and when a student is paid.
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The name of the Principia College accrediting organization.
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What degree programs are offered at Principia College, the instructional, physical and laboratory facilities and the college’s faculty.
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What special facilities and services are ADA compliant.
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Completion/graduation and job placement rates and how they are calculated.
Counseling
If you are a first-time federal aid loan borrower, entrance counseling is required before receiving the first disbursement of the loan. The purpose of this counseling is to explain your rights and responsibilities as a borrower; emphasize the legal, binding nature of the loan obligation, and make you aware of the consequences of default if you fail to repay the loan according to the terms of the promissory note. To complete entrance counseling, visit the Federal Student Aid website.
Exit Counseling
Exit counseling provides important information to prepare you to repay your federal student loan(s).
If you have received a subsidized, unsubsidized, or a PLUS loan under the Federal Direct Loan Program, you must complete exit counseling each time you:
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Drop below half-time enrollment
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Graduate
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Leave school
To complete exit counseling, visit the Federal Student Aid website.
Private Loan Disclosures Truth in Lending Act, Section 128(e) Information:
For students who have already received institutional loans: In accordance with 34 CFR 668.14(b)(29)(ii), Principia College upon the request of an enrolled or admitted student who is an applicant for a private education, provides the applicant with a self-certification form. Financial Aid officers at our institution are happy to discuss with students and prospective students, and their parents, the financial aid options available to them. Students and parents may qualify for loans or other assistance under Title IV of the Higher Education Act programs. The terms and conditions of Title IV, HEA program loans may be more favorable than the provisions of private educational loans. Please click here for the Private Education Loan Self-Certification Form.
Contact Us
Principia College
Office of Financial Aid & Scholarships
1 Maybeck Place
Elsah, IL 62028-9799
618.374.5187
618.374.5929 (fax)
finaid@principia.edu