Office of Student Aid : Penn State's Costs : Financing Strategies for Your Education

A college education will likely be one of the significant investments you make. Penn State offers a high-quality education, which is an excellent investment in your future. Financial aid typically covers only a portion of your educational costs, which include tuition and fees, living allowance (housing and meals), and books and supplies. For the majority of Penn State students, these costs must be paid by the family, either through direct support or by using a combination of these financing strategies.

Strategies you may want to consider:

• Non-University Private Scholarships, awarded by high schools, community organizations, or other private philanthropies.

Payment Plans

• Penn State's Deferred Payment Plan, which gives you the option to pay your tuition — billable costs (tuition, fees, and room and meal, if applicable) less the financial aid that is known at the time the bill is produced — in three installments.
• TMS Lion-Pay Monthly Payment Plan, an interest-free tuition payment option in partnership with Tuition Management Systems (TMS). The TMS Lion-Pay monthly payment plan is available for a small annual or semester enrollment fee.

Loans

• Federal Direct Parent PLUS Loan(s), available to eligible parents with good credit histories to help pay the education expenses of dependent undergraduate students who are enrolled at least half-time.
• Federal Direct Graduate PLUS Loan(s), available to graduate students who are enrolled in a degree program and who need funding beyond what the Stafford or Perkins Loan provide(s).
• Private Alternative Educational Loan(s), which are a last resort option for students who need additional funds to cover educational costs or who are ineligible for federal aid.

Employment

• Part-time Employment, either on your Penn State campus or in the local community

Employer Assistance

• Tuition Assistance Programs, which may be available to some employed students to help cover college costs. Check with your employer on the availability of such programs.

Veteran Benefits

• Veterans Programs, which may allow veterans who are enrolled in degree programs to be reimbursed for their courses. Please contact the Office of Veterans Programs where you are enrolled (if you are a World Campus student), or contact Penn State's Office of Veterans Programs.