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Principia School

Paying for College

While the cost of a college education can seem daunting to families, it’s important to remember that there are many options for financial aid. We encourage families not to make decisions about applying to a college or university based solely on the sticker price. Colleges can be more affordable than they first appear once financial assistance is factored in. 

The two categories of financial help available to college students are financial aid—which is need-based and determined by federal and institutional formulas—and scholarships which are merit-based and awarded for grades, leadership, or athletic and other special abilities. The following information will provide help in understanding the types of aid available, the process of applying for aid and financial aid awards.

Financial Aid

Financial aid comes from various sources: the federal government, the college’s own funds, and sometimes from state programs. Aid is awarded to each student in the form of a “financial aid package” that consists of grants (free money that does not need to be paid back), loans (money borrowed by students or parents, usually at low interest rates, that must be paid back), and work (usually 10-15 hours per week).

Each college should have a net price calculator on its website. Even before applying, you can use this resource to get an early estimate of how much your family will need to contribute to your college education. Please be sure to enter accurate information and remember that this calculator only gives an estimate.

Scholarships

This is money given to students by colleges, businesses, and other private organizations. 

Institutional scholarships (given by the college) are often called merit scholarships and are awarded to the applicant based on specific criteria such as exceptional academic, athletic, or artistic ability, or for stand-out leadership or community service. These may be awarded to the students with their acceptance or may require an application. Colleges use merit scholarships to attract desirable students; they are basically considered tuition discounts.

Business and organizational scholarships are also worth pursuing. Community and civic groups, credit unions, clubs, fraternities and sororities, and professional and veterans’ associations may all offer scholarships. It takes time and focus to search and apply for these scholarships but it can be very worthwhile. See Resources for scholarship search websites. Keep in mind that a college will not allow you more aid than the system says you need, so you must tell the financial aid office of your school about any scholarships not awarded by the college. The school will then prepare a revised financial aid award that takes into account the additional scholarship. The deduction could be taken either from the grant or loan portion of your reward. Also, be alert to scholarship scams; you should not have to pay money to get money.

Missouri A+ Program for Community College

This program through the state of Missouri provides generous scholarship funds to students from A+ designated high schools (Principia is one) who are attending a participating community college or vocational/technical school. It is important to be aware of the eligibility requirements for this program. You can find information on the Missouri Department of Education website or by talking with your counselor. 

Applying for Financial Aid

Applying for financial aid begins with completing the FAFSA (Free Application for Federal Student Aid). You may also need to fill out other forms including the CSS Profile, which Principia College requires instead of the FAFSA and that other colleges may require in addition to the FAFSA. Colleges may also have their own institutional forms. Following the details and deadlines of each college and filling out the FAFSA and CSS Profile early on is very important. Delaying can cause you to miss out on valuable aid which is often given on a first come, first served basis. Scholarships and grants are the first to go.

FAFSA

The FAFSA form can be filed as early as October 1 and no later than February 1 of each year. We recommend completing it as early as possible.

Getting papers organized well before the October 1 date will move the process along more efficiently. To start the form, both the student and a parent will need to get a PIN number available from the FAFSA website. To complete the FAFSA, you will need the following.

  • Tax returns from the previous year
  • Social security numbers
  • Driver’s license numbers
  • Records on untaxed income (tax-deferred savings plans, child support, veteran’s benefits)
  • Current bank statements
  • Investments (not including your home)
  • Information on business or farm assets

FAFSA will allow you to list ten colleges to receive your information. If you are applying to more than ten colleges, send to the schools with the earliest financial aid deadlines first. After your application is received by those colleges, you can go back to list your other colleges.

When filling out the FAFSA form, it is important to be thorough and accurate so there is no delay in processing. If you need help completing it, there are free tools on the FAFSA website. You can also call FAFSA customer service at 800.433.3243. When completed, make a copy of everything and be sure to record your PINs and account numbers.

Within a couple of weeks after submitting the FAFSA, you will be able to log onto the site with your PIN to see your Student Aid Report (SAR). The SAR will give you a figure called the Expected Family Contribution (EFC). Colleges receive this the same time you do and it is used to determine your financial aid. Once you have been admitted to a college or university, your aid will be calculated and an award letter will be sent to you. This may come at the time of your acceptance but usually arrives within a few weeks of being admitted.

CSS Profile

Principia College as well as some other private colleges and scholarship programs require completion of the CSS (College Scholarship Service) Profile. This online application allows students to apply for non-federal financial aid. It can be filled out as early as October 1 of senior year and no later than two weeks before your earliest financial aid deadline. Unlike the FAFSA, there is an application fee for the CSS Profile. 

Understanding Financial Aid Awards and Closing the Gap

Financial aid letters may come with your acceptance or be sent separately. The financial aid you are awarded will likely vary from college to college in the type of aid given. It is important to carefully compare and analyze your financial aid awards.

The college that gives the most total aid money may not be the college that has the best award. You should focus on the net cost (family contribution) to attend each institution and be aware of the types of aid offered. The higher the proportion of grants and scholarships to self-help (loans and work), the better the award. 

Colleges and universities may not be able to meet the full financial need of every admitted applicant. The difference between the cost of college and the combination of your expected family contribution and the financial aid awarded is called the "gap." If your school of choice has not fully met your need, you can try to appeal the financial aid offer.

If you’ve determined from the school website that the college has an appeals process, follow the steps carefully. If not, you can call the financial aid office and ask for an explanation. Keep in mind that you may need to show that there has been a change in your family’s financial situation since you filed the FAFSA. You can mention a better offer from another school, but there is no guarantee your college of choice will be able to match it. Be courteous when requesting additional assistance; most financial aid officers are more willing to work with families who treat them with respect.

Once you’ve compared financial aid award letters and made a final decision on college, be sure to sign all necessary forms and reply by the deadline. If you miss the deadline, your money could go to someone else. Also, as a courtesy, be sure to notify any other colleges that admitted you that you won’t be attending so that funds can be re-allocated to someone else.

Most colleges will guarantee four years of financial aid to students who enroll with aid. However, students must reapply for financial aid, including filling out the FAFSA, each year and show that there is still financial need. Schools may also have academic and discipline-related standards that must be met before financial aid can be renewed.