Student Aid Summary Guide for Current Students

The aid listed on your Student Aid Summary is based on your financial need as determined by the information you submitted on your Free Application for Federal Student Aid (FAFSA).

The Student Aid Checklist contains action steps for you to finalize your aid. Your aid funds will not disburse until these steps are completed. Items will be removed from the checklist after you take action and our office updates your record. Some items may take longer to process than others. It is essential that you monitor your checklist often for any new action steps required.

The Student Aid Status section shows your current financial aid eligibility and other important information. Here, you can confirm our receipt of your FAFSA; determine if you are meeting Penn State’s Satisfactory Academic Progress Standard; view a summary of your loan debt;  and check for holds on your aid.  After reviewing the checklist and status sections, click "Continue" to view the next page of your Student Aid Summary.

1. Credits for Student Aid Purposes

Most awards are based on full-time enrollment. If you are an undergraduate student who is taking fewer than twelve credits or a graduate student taking fewer than nine credits, your aid may be adjusted accordingly.

2. Student Financial Aid Award for 2011-12

The Aid Program Name section of the Student Aid Summary lists all the sources of aid you are eligible to receive based on your eligibility. Your award amounts are estimated, subject to change and non-negotiable. Federal Pell Grant and Pennsylvania State Grant award amounts are contingent upon final federal funding and state appropriations.

Scholarships are limited

Penn State scholarships are limited and highly competitive. We regret that we are not able to recognize all students who have achieved significant academic honors. University scholarships make-up only 7 percent of all financial aid awarded to students. For more information, read the Student Aid and Scholarships Policy and our scholarship section.

Educational loans are a primary aid source

Federal Direct Subsidized Stafford and/or Federal Direct Unsubsidized Stafford Loan(s) are awarded as part of your financial aid package. You can cancel or decrease your loans by selecting "Loan Decrease" on eLion.

We also encourage you—and your parent(s), if you are a dependent student—to become familiar with our website. It will help you navigate the world of financial aid at Penn State and answer some of your questions.

3. Estimated Costs for 2011-12

Estimated billable educational expenses at Penn State are based on full-time enrollment, the campus you will attend, your living arrangements, and whether you are an in-state or out-of-state student. In addition to billable expenses, you will need to pay for estimated non-billable expenses, such as books and supplies, transportation, and miscellaneous expenses (laundry and personal care items). Final tuition and fees are set annually in July by the Penn State Board of Trustees.

4. Financial Aid Planning for 2011-12

Using your Student Aid Summary, subtract the total estimated amount of student aid from your total estimated costs to calculate the amount you can expect to pay. We recommend federal loans before considering higher-cost private loans. If you need additional resources to pay for your education, please see our financing strategies.

What's next

• Monitor your Student Aid Summary Checklist. Complete all action steps listed.
• Know your rights and responsibilities. As a student financial aid recipient, it is your responsibility to know and comply with the rules governing the aid you receive. Be sure to read Student Rights and Responsibilities.
• You must maintain satisfactory academic progress in order to remain eligible.
• Monitor your Penn State email account. Check your Penn State email account regularly for important notifications regarding your student financial aid.
• Complete your registration. You will receive your tuition bill notification via email in July (for the fall semester) and in November (for the spring semester). Be sure to complete/confirm your registration on the tuition bill every semester—even when your aid covers your bill or when you are expecting a refund—to ensure your aid disburses into your student account on time.