Office of Student Aid : Parents of Students : Parent Newsletter

Penn State Office of Student Aid Parent Newsletter
Volume 5, Issue 1-- May 2007

Student Financial Aid Awarding Notes

As fall semester approaches, we typically receive numerous questions about awarding and the next steps for new and returning students. Following is a sampling of the frequently asked questions on this subject.

Will my incoming first-year student receive a revised Student Aid Award Notification?

Our office sends one Student Financial Aid Award Notification for each new Penn State student. Although we do not mail revised copies of award notifications, we will contact your student if the financial aid award is updated.

We just completed the FAFSA; are we too late to get aid for 2007-08?

We will continue to send 2007-08 Student Financial Aid Award Notifications to first-year Penn State students as we receive Free Application for Federal Student Aid (FAFSA) information from the Department of Education. Be aware that some financial aid funds are limited and may not be available at a later point in the awarding cycle for new or returning students.

After your student has activated his or her Penn State Access Account, the award information is available on eLion. Please remind your student to regularly monitor his or her Penn State e-mail account, as important information will be communicated electronically from various Penn State offices as well as professors and academic advisers.

Last year we received award information much earlier; when will we find out about our returning student's 2007-08 student financial aid?

We will begin awarding financial aid to returning students in mid-June. Returning graduate and undergraduate students will receive notice via their Penn State e-mail address, which will advise them how to access their student financial aid award on eLion. Returning students should regularly monitor their Penn State e-mail account and may do so by WebMail.

Can you explain the Expected Family Contribution?

The March 2007 Parent Newsletter provided information that can help explain the Expected Family Contribution (EFC). Please refer to the article titled Expected Family Contribution and What It Means to Your Student for a refresher on how the EFC impacts student aid awards. Our office can help with financing strategies, usually in the form of loans, to help your family meet educational costs. Our award notifications represent the best aid package we have available to offer your student.

When will we receive the fall bill?

The fall 2007 tuition bill will be distributed to your student in July, after the Penn State Board of Trustees finalizes the 2007-08 budget and sets tuition for the new academic year. All student financial aid that has been approved to that point, except Federal Work-Study, will be reflected on the bill. Work-Study is provided to students in the form of paychecks based on the hours students work. On the bill, the Bursar's office will deduct all other aid from the fall semester charges.

Effective fall 2006, all tuition bills became electronic. Please refer to the Electronic Tuition Bills: Accessing, Viewing, and Paying article (also this month) for more details on this initiative.

It is important that all students confirm registration even if no balance is due. Failure to do so can result in one or more of the following actions:

• Students will not receive grades for courses.
• Students will be unable to schedule courses for future semesters.
• Student loans may enter repayment status with lenders.
• Cancellation of some aid sources may result and will be unavailable for reinstatement at a later date.
• Students in University housing could lose their housing contracts.
• Students will be unable to add courses, starting with the first day of the semester.
• Students will be ineligible to begin Federal Work-Study employment.
• Faculty are not obligated to provide instruction or assessment.