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Frequently Asked Questions
1. What is my Expected Family Contribution (EFC)?
2. Can I fill out the FAFSA form before I have been admitted to a college?
3. Can I submit my FAFSA application before January 1?
4. Who figures out how much aid I will get?
5. Is the non-custodial parent required to help pay for college?
6. Can I have someone else fill out my FAFSA for me?
7. I submitted two applications for the same year. What will happen?
8. How will I receive my financial aid?
9. Am I eligible for other education benefits?
10. Where can I find more information?
11. My parents are divorced, and the parent I'm living with has remarried. Does my stepparent have to report his or her income and assets on the FAFSA?
12. My custodial parent remarried and signed a prenuptial agreement that absolves the stepparent from financial responsibility for my education. Why does my stepparent have to provide financial information on the FAFSA?
13. What is the different between Principia NP and Principia Green Team?
1. What is my Expected Family Contribution (EFC)?
The Expected Family Contribution (EFC) measures your family’s financial strength, and is used to determine your eligibility for federal student aid during one school year. You receive an EFC based on the processing results of your FAFSA.
2. Can I fill out the FAFSA form before I have been admitted to a college?
Yes. You can fill out the fafsa form any time after January 1. However, you must be admitted and enrolled at the university to receive the funds.
3. Can I submit my FAFSA application before January 1?
No. The need analysis process for financial aid uses the family's income and tax information from the most recent tax year (the base year) to judge your eligibility for need-based financial aid during the upcoming academic year (the award year). Since the base year ends December 31, you cannot submit a financial aid application until January 1. Any attempts to submit the fafsa application before January 1and it will be rejected.
4. Who figures out how much aid I will get?
Your school’s financial aid office will prepare a financial aid package. The financial aid package will in most cases cover financial need. Your financial aid package will consist of federal, state, and institutional aid. Financial need is the difference between your school’s cost of attendance and your Expected Family Contribution (EFC). The amount of your financial aid also depends on whether you are a full-time or part-time student. If you feel that your financial aid package is not sufficient make an appointment with your financial aid office to ask for assistance.
5. Is the non-custodial parent required to help pay for college?
The Federal government does not consider the income and assets of the non-custodial parent in determining a student's financial need. However, it does consider child support received by the custodial parent. Many private colleges do consider the non-custodial parent as a potential source of support, and require a supplemental financial aid form from the non-custodial parent. This affects the awarding of the school's own aid, but not Federal and state aid.
6. Can I have someone else fill out my FAFSA for me?
Yes. If you have someone else fill out your FAFSA for you (not including one of your parents or your spouse), you should make sure they list themselves as a “preparer” at the end of your FAFSA.
Remember, the FAFSA is a completely FREE application. If you need help filling it out, there are many free tools available to help you. You don’t need to pay anyone to help you fill out your FAFSA.
The best place to look for help filling out your FAFSA is at your school’s financial aid office. If you are still in high school speak with your guidance counselor or college office.
7. I submitted two applications for the same year. What will happen?
We use only the first application we receive. All other applications are deleted from our system. If there is an error on your fafsa form you can go online and make corrections.
8. How will I receive my financial aid?
The school will distribute your federal student aid. An award letter from your school will notify you the amount of your awards. Financial aid packages are usually distributed each semester. The tuition, fees, and room and board are the first items paid. Any additional money left over will be paid to you directly.
9. Am I eligible for other education benefits?
There are two educational income tax credits that can reduce your or your family’s federal taxes.
The Hope tax credit can be claimed during the first two years of school and grants up to a maximum of $1,500 per year.
The Lifetime Learning tax credit is available for any level of postsecondary study, and offers up to a current maximum of $2,000 per year.
During any given year only one type of credit (Hope or Lifetime Learning) may be claimed. For more information ask your accounting professional or visit the IRS Web site at www.irs.gov/.
10. Where can I find more information?
The financial aid office at the school you plan to attend is the best place to get information about federal, state, school and other sources of student financial aid.
Be wary of organizations that charge a fee to submit your application, or to find you money for school. Some are legitimate and some are scams. Generally, any help that you pay for can be received free from your school or from Federal Student Aid.
11. My parents are divorced, and the parent I'm living with has remarried. Does my stepparent have to report his or her income and assets on the FAFSA?
Yes, provided that the parent you're living with is the one filling out the FAFSA (your custodial parent). If your stepparent is married to them at the time you fill out the FAFSA, they must report their income and assets even if they weren't married to them in the previous year.
12. My custodial parent remarried and signed a prenuptial agreement that absolves the stepparent from financial responsibility for my education. Why does my stepparent have to provide financial information on the FAFSA?
The federal need analysis process ignores prenuptial agreements. After all, two individuals (parent and stepparent) cannot make an agreement between them that is binding on a third party (the federal government). The federal government considers the stepparent a source of support regardless of any prenuptial agreements to the contrary. If a stepparent marries the parent, he or she is considered responsible for supporting the parent and children even if he or she is unwilling to do so.
13. What is the different between Principia NP and Principia Green Team?
Principia NP is a NJ based non-profit group that performs college funding seminars throughout the Tri-State area. Principia NP also helps inform families of college bound students the ways to obtain financial aid.
Principia Green Team is a for profit company that takes unwanted computer equipment refurbishes it and uses the profits to run operations, pay for delay expenses, and award scholarships.
All donation checks made out to Principia will be given to Principia NP to continue helping parents, students, and schools. All electronics will be taken in by Principia GT.
1. What is my Expected Family Contribution (EFC)?
2. Can I fill out the FAFSA form before I have been admitted to a college?
3. Can I submit my FAFSA application before January 1?
4. Who figures out how much aid I will get?
5. Is the non-custodial parent required to help pay for college?
6. Can I have someone else fill out my FAFSA for me?
7. I submitted two applications for the same year. What will happen?
8. How will I receive my financial aid?
9. Am I eligible for other education benefits?
10. Where can I find more information?
11. My parents are divorced, and the parent I'm living with has remarried. Does my stepparent have to report his or her income and assets on the FAFSA?
12. My custodial parent remarried and signed a prenuptial agreement that absolves the stepparent from financial responsibility for my education. Why does my stepparent have to provide financial information on the FAFSA?
13. What is the different between Principia NP and Principia Green Team?
1. What is my Expected Family Contribution (EFC)?
The Expected Family Contribution (EFC) measures your family’s financial strength, and is used to determine your eligibility for federal student aid during one school year. You receive an EFC based on the processing results of your FAFSA.
2. Can I fill out the FAFSA form before I have been admitted to a college?
Yes. You can fill out the fafsa form any time after January 1. However, you must be admitted and enrolled at the university to receive the funds.
3. Can I submit my FAFSA application before January 1?
No. The need analysis process for financial aid uses the family's income and tax information from the most recent tax year (the base year) to judge your eligibility for need-based financial aid during the upcoming academic year (the award year). Since the base year ends December 31, you cannot submit a financial aid application until January 1. Any attempts to submit the fafsa application before January 1and it will be rejected.
4. Who figures out how much aid I will get?
Your school’s financial aid office will prepare a financial aid package. The financial aid package will in most cases cover financial need. Your financial aid package will consist of federal, state, and institutional aid. Financial need is the difference between your school’s cost of attendance and your Expected Family Contribution (EFC). The amount of your financial aid also depends on whether you are a full-time or part-time student. If you feel that your financial aid package is not sufficient make an appointment with your financial aid office to ask for assistance.
5. Is the non-custodial parent required to help pay for college?
The Federal government does not consider the income and assets of the non-custodial parent in determining a student's financial need. However, it does consider child support received by the custodial parent. Many private colleges do consider the non-custodial parent as a potential source of support, and require a supplemental financial aid form from the non-custodial parent. This affects the awarding of the school's own aid, but not Federal and state aid.
6. Can I have someone else fill out my FAFSA for me?
Yes. If you have someone else fill out your FAFSA for you (not including one of your parents or your spouse), you should make sure they list themselves as a “preparer” at the end of your FAFSA.
Remember, the FAFSA is a completely FREE application. If you need help filling it out, there are many free tools available to help you. You don’t need to pay anyone to help you fill out your FAFSA.
The best place to look for help filling out your FAFSA is at your school’s financial aid office. If you are still in high school speak with your guidance counselor or college office.
7. I submitted two applications for the same year. What will happen?
We use only the first application we receive. All other applications are deleted from our system. If there is an error on your fafsa form you can go online and make corrections.
8. How will I receive my financial aid?
The school will distribute your federal student aid. An award letter from your school will notify you the amount of your awards. Financial aid packages are usually distributed each semester. The tuition, fees, and room and board are the first items paid. Any additional money left over will be paid to you directly.
9. Am I eligible for other education benefits?
There are two educational income tax credits that can reduce your or your family’s federal taxes.
The Hope tax credit can be claimed during the first two years of school and grants up to a maximum of $1,500 per year.
The Lifetime Learning tax credit is available for any level of postsecondary study, and offers up to a current maximum of $2,000 per year.
During any given year only one type of credit (Hope or Lifetime Learning) may be claimed. For more information ask your accounting professional or visit the IRS Web site at www.irs.gov/.
10. Where can I find more information?
The financial aid office at the school you plan to attend is the best place to get information about federal, state, school and other sources of student financial aid.
Be wary of organizations that charge a fee to submit your application, or to find you money for school. Some are legitimate and some are scams. Generally, any help that you pay for can be received free from your school or from Federal Student Aid.
11. My parents are divorced, and the parent I'm living with has remarried. Does my stepparent have to report his or her income and assets on the FAFSA?
Yes, provided that the parent you're living with is the one filling out the FAFSA (your custodial parent). If your stepparent is married to them at the time you fill out the FAFSA, they must report their income and assets even if they weren't married to them in the previous year.
12. My custodial parent remarried and signed a prenuptial agreement that absolves the stepparent from financial responsibility for my education. Why does my stepparent have to provide financial information on the FAFSA?
The federal need analysis process ignores prenuptial agreements. After all, two individuals (parent and stepparent) cannot make an agreement between them that is binding on a third party (the federal government). The federal government considers the stepparent a source of support regardless of any prenuptial agreements to the contrary. If a stepparent marries the parent, he or she is considered responsible for supporting the parent and children even if he or she is unwilling to do so.
13. What is the different between Principia NP and Principia Green Team?
Principia NP is a NJ based non-profit group that performs college funding seminars throughout the Tri-State area. Principia NP also helps inform families of college bound students the ways to obtain financial aid.
Principia Green Team is a for profit company that takes unwanted computer equipment refurbishes it and uses the profits to run operations, pay for delay expenses, and award scholarships.
All donation checks made out to Principia will be given to Principia NP to continue helping parents, students, and schools. All electronics will be taken in by Principia GT.