Student Aid Summary Guide for New Students
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1. Student Financial Aid Award for 2012-13
The Types of Aid section on your Student Aid Summary lists all the sources of aid you are eligible to receive for the 2012-13 academic year, based on the information you submitted on your Free Application for Federal Student Aid (FAFSA).
Your aid may consist of loans, grants, scholarships, and/or federal work-study 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.
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.
Scholarships are limited
Penn State scholarships for first-year students are limited and highly competitive. We regret that we are not able to recognize all students who rank at or near the top of their class or who have achieved other significant academic honors.
In fact, University scholarships make-up only 7 percent of all financial aid awarded to first-year students. For more information, read our Student Aid and Scholarships Policy and Penn State Scholarship section.
Educational loans are a primary aid source
Due to limited student aid funding, including University scholarships, Penn State is unable to meet the full demonstrated financial need of most students. 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 on eLion after June 1 and after you have attended First-Year Testing, Consulting, and Advising Program (FTCAP).
2. Estimated Costs
Estimated billable educational expenses for your first year 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.
3. Financial Planning
When making the decision of whether or not you will attend Penn State, it is important to determine how you will pay for your education costs not only for the first year, but for all four years, by looking at both the billable and non-billable educational expenses you will incur. You can control the non-billable expenses to some degree by making smart spending choices. You will be more likely to succeed at Penn State if you are well prepared, both financially and academically.
Using your Student Aid Summary, subtract the estimated amount of student aid from your estimated costs to calculate the amount you can expect to pay. Consider your cost of attendance, including both billable and non-billable expenses.
If you need additional resources to pay for your education, please see our financing strategies.
We recommend federal loans before considering higher-cost private loans.
After you have paid your admission fees, review:
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 your rights and responsibilities and maintain satisfactory academic progress to remain eligible for aid.
Monitor your Penn State email account. Most communications from the University will be sent only to your Penn State email account.
