Financing Strategies for Your Education
Get a return on your investment
If you begin with the end in mind, you will understand the impact of your borrowing and spending habits.
Remember the big picture—your education will take time to complete. Consider the length of time it will take to complete your degree.
Be aware of your ability to repay your loan debt after earning your degree
Consider the earning potential in your field of study
You do not have to borrow the maximum amount the lender will approve.
Think before you borrow—an ounce of prevention is worth a pound of cure.
Create a realistic budget. Live within your means.
Beware of credit cards
As a college student, you will be inundated with offers from credit card companies promoting free gifts to apply. Although a credit card may be useful in emergencies and can help you establish credit, the lure of "easy money" offered by credit cards and a "Buy now—Pay later" attitude has contributed to financial problems for more and more college students.
Get more financing strategy help
Additional assistance is available at:
Sokolov-Miller Family Financial and Life Skills Center at Penn State
C.A.R.E. (Credit Abuse Resistance Education)
iGrad (Financial Literacy for College Students and Recent Graduates)
My Smart Borrowing (a service of Pennsylvania Higher Education Assistance Agency (PHEAA))
Financial aid typically covers only a portion of your educational costs and for the majority of Penn State students, these costs must be paid by the family, either through direct support or by using a combination of financing strategies.
The Estimated Financial Aid Budget can help you estimate your educational costs. We recommend developing a financial plan for all of the years you will attend Penn State.