First-Year Undergraduate Student Checklist for Summer 2014
- The 2013-14 Free Application for Federal Student Aid (FAFSA) must be submitted by June 30, 2014 using your 2012 Federal Income Tax Return.
- Your eligibility will be determined for the student aid listed below once Penn State receives your 2013-14 FAFSA and your acceptance fees for summer 2014. You can expect to receive notification of summer aid by May 1st.
- Review summer cost information.
Federal Pell Grant
First-year undergraduate students starting in summer generally take six to seven credits, which is considered half-time enrollment.
Eligible students will be automatically awarded the grant based on your FAFSA information.
The Office of Student Aid will determine your eligibility for summer Work-Study if you have requested it on the 2013-14 FAFSA.
Federal Direct Stafford Loans
Eligible first-year dependent undergraduate students can borrow up to $2,750 for their first summer of enrollment. Eligible first-year independent students can borrow up to $4,750 for their first summer of enrollment.
Summer 2014 is considered the last semester of the 2013-14 academic year, so your summer 2014 Stafford Loan will not affect loan eligibility for the Fall 2014 or Spring 2015 semesters.
If you are a first-time borrower, go to StudentLoans.gov, sign in using your Federal Student Aid PIN (the one you use to sign your FAFSA) and complete the following requirements:
- Choose "Complete Entrance Counseling" and then select "I am an undergraduate student." Continue until you receive a confirmation that you successfully completed Entrance Counseling. You can choose to view and download your completed Counseling Verification Page from the confirmation page. If you selected Penn State in the School and Loan Information section, our office will be notified electronically that you completed Entrance Counseling, typically within three business days.
- Choose "Complete Master Promissory Note (MPN)" then click on "Subsidized/Unsubsidized." Continue until you receive a confirmation that you successfully completed the MPN. Our office will be notified electronically that you completed your MPN, typically within three business days.
If you experience technical problems completing Entrance Counseling or e-signing your MPN, please contact the U.S. Department of Education’s Borrower Application Services at 800-557-739.
Federal Direct Parent PLUS Loan
If you are an eligible dependent student, your parent can apply for a Federal Direct Parent PLUS Loan (after you have granted him/her access*) to cover your education expenses (tuition, fees, room and board, books, transportation and miscellaneous). You must be a degree-seeking student and also be taking at least six credits for your parent to be eligible.
*To grant your parent access to the Parent PLUS Request Form:
- Your parent must create a Friends of Penn State (FPS) Account and then,
- You must grant your parent access to your student information in eLion. (A student must first fully activate his or her Penn State Access Account through the New Student Orientation or at a Penn State Access Account Signature Station to access this option in eLion.)
Private Alternative Loans
If you are an eligible independent student, ineligible for federal or state student financial aid or have remaining financial need, you may apply for alternative student loans through private lenders.
Dependent students typically need a credit-worthy co-signer on their loan application. Independent students may or may not need a credit-worthy co-signer their loan application.
The maximum private alternative loan amount you can request is your total cost of attendance, less all other student financial aid listed on your "Student Aid Summary" on eLion. The loan term dates for a summer private alternative loan are May–August 2014.
Regulations state that financial aid cannot be disbursed until all summer classes have started. Because there are three different summer sessions, summer refunds will be available after July 2nd.
In order for financial aid to disburse, you muston the summer tuition bill on eLion.