Office of Student Aid : Parents of Students : Parent Newsletter

Penn State Office of Student Aid Parent Newsletter
Volume 5, Issue 3--July 2007

Next Steps--What Your First-Year Student Needs to Do Now to Prepare for Fall 2007

The start of fall semester is right around the corner. By completing the following steps, you and your student can make the transition to college as smooth as possible.

Review Student Aid Summary/Award Letter

First-year students who applied for student financial aid were sent award letters via the United States Postal Service beginning in March and continuing student financial aid awards became available on eLion in mid-June. It is important that your student understands the aid programs he/she is qualified to receive and the rights and responsibilities applicable to student receiving awards.

Comply With Verification (if selected)

If your student was selected for verification, she or he would have received a letter from Penn State's Office of Student Aid that detailed the exact information the University needs to review before the student aid award can be finalized. Your student can also view verification holds on the Student Aid Summary from the "Students" menu on eLion. For more information about the verification process at Penn State, access the May 2007 Parent Newsletter article on verification.

Sign Loan Applications

Federal Stafford Loan--If your student is a first-time Federal Stafford Loan borrower, he/she will need to sign a Master Promissory Note (MPN). Detailed instructions and the electronic MPN are available from links on our Web site.

Federal Perkins and University Loans--If your student was awarded a Perkins or University Loan for the first-time, he/she will receive an e-mail invitation to electronically sign the Master Promissory Note when it becomes available in early August.

Federal Parent PLUS Loan--If you are interested in applying for a PLUS Loan, you must complete a separate application. Detailed information about PLUS Loans and access to online applications are available on our Web site.

Alternative Loans--If your student wishes to apply for an alternative loan, he/she must complete a separate application. Detailed information about private alternative loans and access to online applications are available on our Web site.

Complete Loan Entrance Counseling on eLion (first-time borrowers)

Loan Entrance Counseling on eLion enables your student to fulfill the requirements set by federal regulations and University policy regarding student educational loans. It is designed to ensure that first-time borrowers fully understand their rights and obligations as student loan recipients. Each student must complete Loan Entrance Counseling before the University is permitted to release the first disbursement on federal and University loans. Your student can complete this requirement by selecting Loan Entrance Counseling from the "Students" menu on eLion.

Complete Registration by Reviewing and Acting on the Tuition Bill

Your student must respond to the tuition bill--even if no money is owed. For more information on the Tuition Bill and eBill, you can access the Bill Instructions on the Office of the Bursar Web site.

Save Money for Start-up Costs

Even if your student is expecting a refund, we recommend that he or she come to Penn State with money for start-up costs, such as books, supplies, and first month's rent (if living off-campus).

Check Penn State E-mail Frequently

Penn State faculty, advisers, and offices send official notices to students via their Penn State e-mail accounts. If your student activated his/her account at First-Year Testing, Counseling and Advising Program (FTCAP), it is very important that he/she monitor the account closely by using Webmail. Forwarding Penn State e-mail to commercial accounts is not recommended. If an e-mail provider targets Penn State notices as spam, important updates can be lost.