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

A college education will be one of the most significant investments you can make. You are expected to contribute as much as you can from earnings, savings, and other assets toward your college expenses, which include tuition and fees, living allowance (housing and meals), and books and supplies. The aid sources listed on your award may not be enough to cover your educational costs, however. You may need to make alternate plans in order to make up the difference between the student financial aid you will receive and your estimated costs for attending Penn State in 2008-09.

Have you considered the following strategies?

• Non-University Private Scholarships, awarded by high schools, community organizations, or other private philanthropies.
• Penn State’s Deferred Payment Plan, which gives you the option to pay your tuition bill—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.
• Federal Direct Stafford Loan(s), affordable low-interest student loans available to both graduate and undergraduate students.
• 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 may be good options for students who need additional funds to cover educational costs or who are ineligible for federal aid.
• Federal Work-Study, a student employment program for eligible undergraduate and graduate students with high financial need.
• Part-time Employment, either on your Penn State campus or in the local community
• Tax Credit Programs, which allow some taxpayers paying educational fees to claim a Hope Scholarship Credit or a Lifetime Learning Credit against their federal income tax liability
• 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.
• 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.