Office of Student Aid : Parents of Students : Parent Newsletter

Penn State Office of Student Aid Parent Newsletter

March 2008

Student Financial Aid Notification Updates for First-Year Students

At Penn State, most new students will learn of their 2008-09 student financial aid by way of paper student financial aid notifications mailed to their home addresses. The notifications will be distributed beginning mid-March to students who have completed a 2008-09 Free Application for Federal Student Aid (FAFSA) and have been offered admission to the University for the upcoming year. This will be the only paper aid notification students will receive.

When your student attends orientation or the First-Year Testing, Counseling, and Advising Program (FTCAP), he or she will activate his or her Penn State Access Account. All future aid notifications will be sent to your student via his or her Penn State e-mail account.

If your student is beginning at Penn State in the summer sessions, please review the additional information for summer financial aid application steps. Students are required to complete the 2007-08 FAFSA before our office will be able to determine summer 2008 aid eligibility.

Helping Your Student Understand the 2008-09 Student Financial Aid Notification

The aid notification will be mailed to the home address designated on your student's admission application. It will be addressed to the student, not the parent, since he or she is the primary recipient of student aid. Our office recommends that you review the aid notification as a family and discuss financing strategies together. Your student's education is an investment in his or her future. Our office is committed to helping families explore additional funding opportunities if they are needed, typically in the form of loans. Please keep in mind that we are not able to negotiate the aid notifications.

What Aid Might Be Listed on the Aid Notification?

Student Loans--If your student indicated interest in loans on the FAFSA, he or she may receive the following loan estimates on the aid notification.

• Federal Stafford Loan--All eligible students who indicated they are interested in loans will receive a Federal Stafford Loan estimate.
• Federal Perkins Loan--Students who demonstrate high financial need may receive a Federal Perkins Loan estimate.

If your student is interested in any loans listed on the aid notification, he or she will need to complete a separate loan application/master promissory note (MPN) and Loan Entrance Counseling, available from the Students menu on eLion. A first-time borrower must complete both of these steps before any loan funds can be disbursed to his or her student account.

Grants--Grants are awarded to students who demonstrate high financial need as determined by the FAFSA.

Federal Work-Study--If your student indicated interest in work-study on the FAFSA, he or she will be considered for Federal Work-Study. Work-Study is awarded to students who demonstrate high financial need as determined by the FAFSA. Students who have a Work-Study amount listed on their aid notification are eligible to apply for Federal Work-Study positions. Work-Study funds are not applied directly toward the tuition bill. Students are paid every two weeks based on the hours they have worked.

Scholarships--All scholarships that the Office of Student Aid is aware of at the time the aid notification is printed will be listed. If your student receives any private scholarships that are not included on the aid notification, he or she should notify the Office of Student Loans and Scholarships.

**Possible** Federal Parent PLUS Loan--Students who submitted their FAFSAs with parent information will receive a notation on the aid notification with more information on the PLUS Loan. No amount will be listed on the aid notification, as PLUS funds require a separate loan application. Information on how to apply is included on the aid notification.

What Else Will Be Listed on the 2008-09 Aid Notification?

University Charges--Tuition, fees, room, meals, and books are listed as estimated figures on the aid notification. Tuition and fees are officially set each July by the Board of Trustees after the Pennsylvania state budget has been approved and announced. Please remember that the actual charges may vary from the estimates listed on the aid notification.

Please note that the aid notification is not a bill. Most fall tuition bills are distributed in July and are due early in August.

Messages--Be sure that you and your student read and understand the messages listed at the bottom of the aid notification. These messages contain important information about student aid eligibility, applying for loans, and the tuition bill.

Remember, the figures listed on the 2008-09 Student Financial Aid Aid Notification are not final until your student completes all necessary steps to complete his or her registration (i.e., signing applications, completing verification, if selected, and finalizing the tuition bill with the Bursar's office).