This is a guide for NEW students to help you understand your Student Aid Summary on eLion.
Understanding your student aid eligibility
The Student Aid Program section on your Student Aid Summary lists all the sources of aid you are eligible to receive for the 2009-10 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. These aid programs exist to assist students with the greatest financial need and are intended to supplement the contributions of the family. We encourage you to click on each aid source listed above to learn more about each of them.
We also encourage you – and your parent(s), if you are a dependent student – to become familiar with the Office of Student Aid Web site. Our Web site 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 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 9 percent of all financial aid awarded to first-year students. For more information about Penn State scholarships, you can read the Student Aid and Scholarships Policy and view a PDF of the 2009-10 Scholarship Brochure on our Web site.
Many first-year Penn State students receive private scholarships from their high schools, community organizations, church groups, and other private philanthropies. You can search and apply for private scholarships through free, Web-based search engines such as those found in the Scholarships section of our Web site.
Educational loans are the primary source of student aid funds
Due to limited student aid funding, including University scholarships, Penn State is unable to meet the full demonstrated financial need of most students. Many families make use of student and parent loans to pay for their education – the primary source of student aid at Penn State is educational loans. Approximately 75 percent of Penn State undergraduate students with financial aid receive loans.
Your estimated costs
This section of the Student Aid Summary lists estimated education costs for your first year at Penn State. These costs are based on full-time enrollment, the campus you will attend, and whether you are an in-state or out-of-state student. Keep in mind Penn State’s final tuition and fees will be set in July 2009 by the Board of Trustees.
In addition to these estimated costs, you will also need to budget for other miscellaneous out-of-pocket expenses, such as laundry, personal care items, transportation, and school supplies (other than books).
Plan now for your first year
When making the important decision of whether or not you will attend Penn State, it will be important for you to determine how you will pay for your first year costs – including billable University charges (tuition, fees, room, and meals), books, and any miscellaneous living expenses. You will be more likely to succeed at Penn State if you are well prepared, both financially and academically.
Using your Student Aid Summary, compare your total expected amount of student aid with your estimated costs to calculate the amount you will need to be prepared to pay the billable University charges and other miscellaneous expenses. By calculating this amount, you can begin to plan for how you will meet your 2009-10 estimated costs (whether through your own family resources, additional educational loans, or a combination of financing strategies). We encourage you to work this summer to earn money to pay for your books and related miscellaneous living expenses.
When your aid is less than your costs
If your total expected amount of student aid is not sufficient to cover your education costs and miscellaneous living expenses, you can explore additional financing strategies on our Web site to help you plan for how you will meet the difference between the aid you will receive and your estimated costs for attending Penn State. Our office recommends that students (and parents of dependent students) take advantage of federal loans before considering higher cost private loans because federal loans offer the best rates, terms, repayment options, and protections for both students and parents.
What's next after you've accepted your offer of admission
After you’ve paid your admission fees, there are several important steps you will need to take to complete the student financial aid process:
Still have questions about your student aid? Review the FAQs section of our Web site for answers to commonly asked questions. You can also click on the Contact Us link of our Web site to view our hours of operation, telephone number, or to email our office.