OFFICE OF STUDENT AID psu.edu/studentaid UNDERGRADUATE ADMISSIONS OFFICE admissions.psu.edu OFFICE OF STUDENT AID 2012–13 Costs , Student Aid , and Scholarships An Overview
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Penn State Abington 215-881-7348 [email protected]
Penn State Altoona 814-949-5055 [email protected]
Penn State Beaver 724-773-3800 [email protected]
Penn State Berks 610-396-6070 [email protected]
Penn State Brandywine 610-892-1261 [email protected]
Penn State DuBois 814-375-4760 [email protected]
Penn State Erie 814-898-6162 [email protected]
Penn State Fayette 724-430-4131 [email protected]
Penn State Greater Allegheny 412-675-9060 [email protected]
Penn State Harrisburg 717-948-6307 [email protected]
Penn State Hazleton 570-450-3163 [email protected]
Penn State Lehigh Valley 610-285-5033 [email protected]
Penn State Mont Alto 717-749-6133 [email protected]
Penn State New Kensington 724-334-6045 [email protected]
Penn State Schuylkill 570-385-6244 [email protected]
Penn State Shenango 724-983-2845 [email protected]
Penn State University Park 814-865-6301 Via web at psu.edu/studentaid
Penn State Wilkes-Barre 570-675-9242 [email protected]
Penn State Worthington Scranton 570-963-2690 [email protected]
Penn State York 717-771-4045 [email protected]
The Office of Student Aid at Univer-sity Park is the central administrative student aid office for the entire Penn State system. Each Penn State campus also has an affiliate office with a student aid representative.
Office of Student Aid The Pennsylvania State University 314 Shields Building University Park, PA 16802-1220
Phone: 814-865-6301Fax: 814-863-0322E-mail is available on our website: psu.edu/studentaidWeb: psu.edu/studentaid
> How to Contact Our Office > Penn State Campuses
> Penn State Community Recruitment Centers and Regional Recruiters
New Jersey 973-983-0159 [email protected]
New York City 718-862-2965 [email protected]
Philadelphia 215-246-3500 [email protected]
> Penn State Online
Pittsburgh 412-263-2900 [email protected]
Washington, D.C., Maryland, and Virginia Area 814-876-0405 [email protected]
THIS PUBLICATION IS AVAILABLE IN ALTERNATIVE MEDIA ON REQUEST. The Pennsylvania State University is committed to the policy that all persons shall have equal access to programs, facilities, admission, and employment without regard to personal characteristics not related to ability, performance, or qualifications as determined by University policy or by state or federal authorities. It is the policy of the University to maintain an academic and work environment free of discrimination, including harassment. The Pennsylvania State University prohibits discrimination and harassment against any person because of age, ancestry, color, disability or handicap, national origin, race, religious creed, sex, sexual orientation, gender identity, or veteran status. Discrimination or harassment against faculty, staff, or students will not be tolerated at The Pennsylvania State University. Direct all inquiries regarding the nondiscrimination policy to the Affirmative Action Director, The Pennsylvania State University, 328 Boucke Building, University Park, PA 16802-5901; Tel 814-865-4700/V, 814-863-0585/TTY. PRODUCED BY THE PENN STATE DEPARTMENT OF UNIVERSITY PUBLICATIONS. U.Ed. UAO 11-179
O F F I C E O F S T U D E N T A I D
psu.edu/studentaid
U N D E R G R A D U AT E A D M I S S I O N S O F F I C E
admissions.psu.edu
O F F I C E O F S T U D E N T A I D
psu.edu/studentaid
U N D E R G R A D U AT E A D M I S S I O N S O F F I C E
admissions.psu.edu
O F F I C E O F S T U D E N T A I D
2012–13
Costs, Student Aid, and Scholarships
An Overview
Facts about Scholarships
>Approximately 4,100 first-year students across Penn State’s twenty undergraduate campuses receive a University scholarship.
>Thirty-eight percent of first-year scholar-ship recipients are at University Park, with the remaining 62 percent at other Penn State campuses.
>Both Pennsylvania and non-Pennsylvania residents receive equal scholarship consideration.
>Typical scholarship award values are $1,500 to $3,000 per academic year.
>Approximately one in five first-year students who attend Penn State receive private scholarship support from their high school, community organizations, church groups, local companies, or other philanthropies.
Facts about Loans
>Seventy-eight percent of first-year under-graduate student aid applicants take ad-vantage of Federal Direct Stafford Loans.
>Eligible first-year students may borrow up to $5,500 in Federal Direct Stafford Loans their first year, $6,500 in the second year, and $7,500 each year thereafter.
>No credit check or co-signer is required for students to borrow Federal Direct Stafford funds. Students who complete a FAFSA are automatically considered for the loan and must accept the loan terms in order to re-ceive the funds.
>Loan payments are not required while students are enrolled at least half-time in school. Repayment typically begins six months after the student graduates. When repaying the Federal Direct Stafford Loan, students may choose a repayment plan that meets their needs. The monthly pay-ment and length of time to repay the loan will vary depending on the repayment plan chosen. Generally, students have from ten to twenty-five years to repay their Federal Direct Stafford Loans.
>The Federal Direct Parent PLUS Loan is a fixed interest rate loan in the parent’s name. Parents complete the application process online. When the Federal Direct Parent PLUS Loan application is reviewed for credit worthiness, employment status, credit score, and debt-to-income ratio is not taken into consideration. Generally, parents are ap-proved for the Federal Direct Parent PLUS Loan if they do not have any accounts in default, foreclosure, bankruptcy, or delin-quency past ninety days.
>Parents can defer repayment of the Federal Direct Parent PLUS Loan as long as the student is enrolled at least half-time and can choose from several different repay-ment plans.
>Private educational loans are also available for educational expenses. Twenty-two per-cent of first-year students take advantage of private alternative loans.
> Penn State Student Aid Facts and Figures
Educational loans are the main source of financial aid. >The average loan debt for baccalaureate
student borrowers graduating from Penn State is $31,000.
>Many parents of dependent students borrow Federal Direct Parent PLUS loans each year to help their students cover educational costs. Approximately 25 per-cent of families who take advantage of federal loans receive Parent PLUS loans.
>University scholarships comprise 7 percent of the available funding for undergraduate students at Penn State. With limited Uni-versity scholarship funds, the competition for scholarships is strong.
LOANS, 65%GRANTS, 24%
UNIVERSITY SCHOLARSHIPS, 7%
PRIVATE SCHOLARSHIPS, 3%WORK-STUDY, 1%
Undergraduate Student Aid Funding at Penn State
Total = $ 896 million
800-252-3592 [email protected]
A Penn State education is an excellent investment in your future. However, the cost of a quality education can be substantial.
Student financial aid, including educational loans, can provide help in many cases. We encourage students to explore a variety of financing strategies to make their Penn State education a reality. Most Penn State students and their families use personal savings, tuition savings plans, student summer employment, and Penn State’s payment plan, in combination with student financial aid, to pay for their education.
Educational loans are considered a type of student aid. At Penn State, approximately 88 percent of all under- graduate students who apply for student aid receive such loans. Need-based aid programs may also be available to those who qualify. Ultimately, the responsibility for paying the majority of educational costs for most students rests with their families.
This overview will provide students and families with general information about Penn State’s costs and the types of student financial aid and services that are available.
>Cost of Attendance
The cost of attendance includes living expenses—such as meals, room and board, transportation, and books—in addition to tuition and fees. A student’s total student aid package can never exceed the cost of attendance.
When considering total costs, students can expect to incur additional expenses during the academic year. Please use 2011–12 costs for planning purposes only. The Board of Trustees will determine final tuition and fees for the 2012–13 academic year in July 2012.
LOANS
>Loans are a type of self-help aid and must be repaid.
>Students and their families can apply for federal loans and/or pri-vate alternative loans. Generally, federal loans have more favorable terms and conditions than private alternative loans.
>Students who complete the FAFSA may be eligible for a Federal Direct Stafford Loan and parents of dependent students may be eligible for a Federal Direct Parent PLUS Loan.
>Eligible first-year students can receive a maximum of $5,500 in Federal Direct Stafford Loan funds for the first year.
>Parents of dependent students who are eligible for a Federal Direct Parent PLUS Loan can borrow up to the student’s total cost of attendance minus all other financial aid.
>Loan payments for the Federal Direct Stafford Loan are deferred while the student is enrolled at least half-time. Parents can also request a deferment on the Federal Direct Parent PLUS Loan while the student is enrolled at least half-time.
>Additional loan information, in-cluding private alternative and Parent PLUS Loan application in-formation, eligibility requirements, and current interest rates, is avail-able at psu.edu/studentaid.
> Applying for Student Financial Aid
To be considered for student aid, all Penn State students must complete the Free Application for Federal Student Aid (FAFSA). Complete and submit the FAFSA on the Web at fafsa.gov. First-year students should complete the FAFSA by March 1 for maximum consideration of aid.
For detailed information about the student aid process, visit psu.edu/studentaid.
> How Eligibility is Determined
The amount of financial aid awarded is based on the information submitted on the FAFSA and the admission application, as well as the amount of funding, number of available endowed scholarships, and number of students attending the University. We recognize students may not be able to meet the difference between the aid received and the cost of attendance. Many Penn State students and their families offset this difference with educational loans.
> The Student Financial Aid Award Process
Penn State student aid award notifications begin in late March for first-year students and continue throughout the academic year; notifications for returning students begin in late June. Students will receive an e-mail notification prompting them to view their student aid summary online.
> The Aid Award
Students may receive various types of student aid, including loans, grants, Work-Study, and/or scholarships. Please remember that student aid awards may not meet all of the educational costs. Students must meet the difference between educational costs and available student aid. Most students can expect to receive loans as part of, or the only source of, assistance. Also, many families rely on parent loans to fund the difference. For more information about financing options, go to psu.edu/studentaid.
> The Bill
The bill will reflect University charges less any anticipated student financial aid. These charges include tuition, fees, and residence hall expenses. Fall bills are prepared in July and due in early August. Spring bills are prepared in November and due in early December. Payment for the balance of the charges is expected prior to the start of the semester.
Penn State offers two payment plans that allow for remittance of payments in install-ments for a given semester. For more detailed information about bills and payment plans, please visit the Office of the Bursar website at bursar.psu.edu.
> Types of Student Financial Aid
Penn State’s Office of Student Aid provides assistance to eligible students through a variety of programs from federal, state, and University funding sources. After completing the FAFSA, students will be considered for all four types of student financial aid: loans, grants, scholarships, and Work-Study.
GRANTS
>Grants do not have to be repaid and are awarded based on significant financial need as determined by the FAFSA.
>Students who complete a FAFSA are automatically considered for federal and University grants.
>Pennsylvania residents who complete the FAFSA no later than May 1 will also be automatically considered for a Pennsylvania State Grant.
WORK-STUDY
>Work-study is a type of aid that provides part-time job opportunities to students with significant financial need, allowing them to earn money to help pay educational expenses.
>Students who complete the FAFSA are automatically considered for work-study.
>Money is earned as the student works. Unlike other aid sources, work-study is not applied directly toward the tuition bill. The student will receive biweekly pay and can earn pay up to the total work-study award.
>Students work an average of fifteen to twenty hours per week.
SCHOLARSHIPS
>Scholarships do not have to be repaid and are awarded based on merit and, in many cases, financial need.
>All students are automatically con-sidered for University-wide scholar-ships; however, some academic colleges and campuses may require a separate application. For more details, visit psu.edu/studentaid.
>At Penn State, scholarships are awarded by academic colleges, Penn State campuses, and administrative units, in addition to the Office of Student Aid.
>Penn State does not offer standard merit awards for students who fit particular profiles.
>First-year students accepted to the highly selective Schreyer Honors College are awarded an Academic Excellence Scholarship of $4,000 per academic year. For more information on this program, visit scholars.psu.edu.
2011–12 Penn State Costs by Campus (FOR ESTIMATING PURPOSES ONLY)
PENN STATE UNIVERSITY PARK
PA Resident Non-PA Resident
Tuition and Fees $15,984 $28,066
Additional Estimated Costs* $15,018 $15,018
TOTAL $31,002 $43,084
*Additional estimated costs at ALL CAMPUSES PA Resident and Non-PA Resident
Rooms and Meals $9,432Books and Supplies $1,536Travel and Personal $4,050
TOTAL $15,018
PA Resident Non-PA Resident
Tuition and Fees $12,966–13,636 $19,406–20,408
Additional Estimated Costs* $15,018 $15,018
TOTAL $27,984–28,654 $34,424–35,426
PENN STATE ABINGTON
PENN STATE ALTOONA
PENN STATE BEAVER
PENN STATE BERKS
PENN STATE BRANDYWINE
PENN STATE DUBOIS
PENN STATE ERIE
PENN STATE FAYETTE
PENN STATE GREATER ALLEGHENY
PENN STATE HARRISBURG
PENN STATE HAZLETON
PENN STATE LEHIGH VALLEY
PENN STATE MONT ALTO
PENN STATE NEW KENSINGTON
PENN STATE SCHUYLKILL
PENN STATE SHENANGO
PENN STATE WILKES-BARRE
PENN STATE WORTHINGTON SCRANTON
PENN STATE YORK
Penn State Abington 215-881-7348 [email protected]
Penn State Altoona 814-949-5055 [email protected]
Penn State Beaver 724-773-3800 [email protected]
Penn State Berks 610-396-6070 [email protected]
Penn State Brandywine 610-892-1261 [email protected]
Penn State DuBois 814-375-4760 [email protected]
Penn State Erie 814-898-6162 [email protected]
Penn State Fayette 724-430-4131 [email protected]
Penn State Greater Allegheny 412-675-9060 [email protected]
Penn State Harrisburg 717-948-6307 [email protected]
Penn State Hazleton 570-450-3163 [email protected]
Penn State Lehigh Valley 610-285-5033 [email protected]
Penn State Mont Alto 717-749-6133 [email protected]
Penn State New Kensington 724-334-6045 [email protected]
Penn State Schuylkill 570-385-6244 [email protected]
Penn State Shenango 724-983-2845 [email protected]
Penn State University Park 814-865-6301 Via web at psu.edu/studentaid
Penn State Wilkes-Barre 570-675-9242 [email protected]
Penn State Worthington Scranton 570-963-2690 [email protected]
Penn State York 717-771-4045 [email protected]
The Office of Student Aid at Univer-sity Park is the central administrative student aid office for the entire Penn State system. Each Penn State campus also has an affiliate office with a student aid representative.
Office of Student Aid The Pennsylvania State University 314 Shields Building University Park, PA 16802-1220
Phone: 814-865-6301Fax: 814-863-0322E-mail is available on our website: psu.edu/studentaidWeb: psu.edu/studentaid
> How to Contact Our Office > Penn State Campuses
> Penn State Community Recruitment Centers and Regional Recruiters
New Jersey 973-983-0159 [email protected]
New York City 718-862-2965 [email protected]
Philadelphia 215-246-3500 [email protected]
> Penn State Online
Pittsburgh 412-263-2900 [email protected]
Washington, D.C., Maryland, and Virginia Area 814-876-0405 [email protected]
THIS PUBLICATION IS AVAILABLE IN ALTERNATIVE MEDIA ON REQUEST. The Pennsylvania State University is committed to the policy that all persons shall have equal access to programs, facilities, admission, and employment without regard to personal characteristics not related to ability, performance, or qualifications as determined by University policy or by state or federal authorities. It is the policy of the University to maintain an academic and work environment free of discrimination, including harassment. The Pennsylvania State University prohibits discrimination and harassment against any person because of age, ancestry, color, disability or handicap, national origin, race, religious creed, sex, sexual orientation, gender identity, or veteran status. Discrimination or harassment against faculty, staff, or students will not be tolerated at The Pennsylvania State University. Direct all inquiries regarding the nondiscrimination policy to the Affirmative Action Director, The Pennsylvania State University, 328 Boucke Building, University Park, PA 16802-5901; Tel 814-865-4700/V, 814-863-0585/TTY. PRODUCED BY THE PENN STATE DEPARTMENT OF UNIVERSITY PUBLICATIONS. U.Ed. UAO 11-179
O F F I C E O F S T U D E N T A I D
psu.edu/studentaid
U N D E R G R A D U AT E A D M I S S I O N S O F F I C E
admissions.psu.edu
O F F I C E O F S T U D E N T A I D
psu.edu/studentaid
U N D E R G R A D U AT E A D M I S S I O N S O F F I C E
admissions.psu.edu
O F F I C E O F S T U D E N T A I D
2012–13
Costs, Student Aid, and Scholarships
An Overview
Facts about Scholarships
>Approximately 4,100 first-year students across Penn State’s twenty undergraduate campuses receive a University scholarship.
>Thirty-eight percent of first-year scholar-ship recipients are at University Park, with the remaining 62 percent at other Penn State campuses.
>Both Pennsylvania and non-Pennsylvania residents receive equal scholarship consideration.
>Typical scholarship award values are $1,500 to $3,000 per academic year.
>Approximately one in five first-year students who attend Penn State receive private scholarship support from their high school, community organizations, church groups, local companies, or other philanthropies.
Facts about Loans
>Seventy-eight percent of first-year under-graduate student aid applicants take ad-vantage of Federal Direct Stafford Loans.
>Eligible first-year students may borrow up to $5,500 in Federal Direct Stafford Loans their first year, $6,500 in the second year, and $7,500 each year thereafter.
>No credit check or co-signer is required for students to borrow Federal Direct Stafford funds. Students who complete a FAFSA are automatically considered for the loan and must accept the loan terms in order to re-ceive the funds.
>Loan payments are not required while students are enrolled at least half-time in school. Repayment typically begins six months after the student graduates. When repaying the Federal Direct Stafford Loan, students may choose a repayment plan that meets their needs. The monthly pay-ment and length of time to repay the loan will vary depending on the repayment plan chosen. Generally, students have from ten to twenty-five years to repay their Federal Direct Stafford Loans.
>The Federal Direct Parent PLUS Loan is a fixed interest rate loan in the parent’s name. Parents complete the application process online. When the Federal Direct Parent PLUS Loan application is reviewed for credit worthiness, employment status, credit score, and debt-to-income ratio is not taken into consideration. Generally, parents are ap-proved for the Federal Direct Parent PLUS Loan if they do not have any accounts in default, foreclosure, bankruptcy, or delin-quency past ninety days.
>Parents can defer repayment of the Federal Direct Parent PLUS Loan as long as the student is enrolled at least half-time and can choose from several different repay-ment plans.
>Private educational loans are also available for educational expenses. Twenty-two per-cent of first-year students take advantage of private alternative loans.
> Penn State Student Aid Facts and Figures
Educational loans are the main source of financial aid. >The average loan debt for baccalaureate
student borrowers graduating from Penn State is $31,000.
>Many parents of dependent students borrow Federal Direct Parent PLUS loans each year to help their students cover educational costs. Approximately 25 per-cent of families who take advantage of federal loans receive Parent PLUS loans.
>University scholarships comprise 7 percent of the available funding for undergraduate students at Penn State. With limited Uni-versity scholarship funds, the competition for scholarships is strong.
LOANS, 65%GRANTS, 24%
UNIVERSITY SCHOLARSHIPS, 7%
PRIVATE SCHOLARSHIPS, 3%WORK-STUDY, 1%
Undergraduate Student Aid Funding at Penn State
Total = $ 896 million
800-252-3592 [email protected]
A Penn State education is an excellent investment in your future. However, the cost of a quality education can be substantial.
Student financial aid, including educational loans, can provide help in many cases. We encourage students to explore a variety of financing strategies to make their Penn State education a reality. Most Penn State students and their families use personal savings, tuition savings plans, student summer employment, and Penn State’s payment plan, in combination with student financial aid, to pay for their education.
Educational loans are considered a type of student aid. At Penn State, approximately 88 percent of all under- graduate students who apply for student aid receive such loans. Need-based aid programs may also be available to those who qualify. Ultimately, the responsibility for paying the majority of educational costs for most students rests with their families.
This overview will provide students and families with general information about Penn State’s costs and the types of student financial aid and services that are available.
>Cost of Attendance
The cost of attendance includes living expenses—such as meals, room and board, transportation, and books—in addition to tuition and fees. A student’s total student aid package can never exceed the cost of attendance.
When considering total costs, students can expect to incur additional expenses during the academic year. Please use 2011–12 costs for planning purposes only. The Board of Trustees will determine final tuition and fees for the 2012–13 academic year in July 2012.
LOANS
>Loans are a type of self-help aid and must be repaid.
>Students and their families can apply for federal loans and/or pri-vate alternative loans. Generally, federal loans have more favorable terms and conditions than private alternative loans.
>Students who complete the FAFSA may be eligible for a Federal Direct Stafford Loan and parents of dependent students may be eligible for a Federal Direct Parent PLUS Loan.
>Eligible first-year students can receive a maximum of $5,500 in Federal Direct Stafford Loan funds for the first year.
>Parents of dependent students who are eligible for a Federal Direct Parent PLUS Loan can borrow up to the student’s total cost of attendance minus all other financial aid.
>Loan payments for the Federal Direct Stafford Loan are deferred while the student is enrolled at least half-time. Parents can also request a deferment on the Federal Direct Parent PLUS Loan while the student is enrolled at least half-time.
>Additional loan information, in-cluding private alternative and Parent PLUS Loan application in-formation, eligibility requirements, and current interest rates, is avail-able at psu.edu/studentaid.
> Applying for Student Financial Aid
To be considered for student aid, all Penn State students must complete the Free Application for Federal Student Aid (FAFSA). Complete and submit the FAFSA on the Web at fafsa.gov. First-year students should complete the FAFSA by March 1 for maximum consideration of aid.
For detailed information about the student aid process, visit psu.edu/studentaid.
> How Eligibility is Determined
The amount of financial aid awarded is based on the information submitted on the FAFSA and the admission application, as well as the amount of funding, number of available endowed scholarships, and number of students attending the University. We recognize students may not be able to meet the difference between the aid received and the cost of attendance. Many Penn State students and their families offset this difference with educational loans.
> The Student Financial Aid Award Process
Penn State student aid award notifications begin in late March for first-year students and continue throughout the academic year; notifications for returning students begin in late June. Students will receive an e-mail notification prompting them to view their student aid summary online.
> The Aid Award
Students may receive various types of student aid, including loans, grants, Work-Study, and/or scholarships. Please remember that student aid awards may not meet all of the educational costs. Students must meet the difference between educational costs and available student aid. Most students can expect to receive loans as part of, or the only source of, assistance. Also, many families rely on parent loans to fund the difference. For more information about financing options, go to psu.edu/studentaid.
> The Bill
The bill will reflect University charges less any anticipated student financial aid. These charges include tuition, fees, and residence hall expenses. Fall bills are prepared in July and due in early August. Spring bills are prepared in November and due in early December. Payment for the balance of the charges is expected prior to the start of the semester.
Penn State offers two payment plans that allow for remittance of payments in install-ments for a given semester. For more detailed information about bills and payment plans, please visit the Office of the Bursar website at bursar.psu.edu.
> Types of Student Financial Aid
Penn State’s Office of Student Aid provides assistance to eligible students through a variety of programs from federal, state, and University funding sources. After completing the FAFSA, students will be considered for all four types of student financial aid: loans, grants, scholarships, and Work-Study.
GRANTS
>Grants do not have to be repaid and are awarded based on significant financial need as determined by the FAFSA.
>Students who complete a FAFSA are automatically considered for federal and University grants.
>Pennsylvania residents who complete the FAFSA no later than May 1 will also be automatically considered for a Pennsylvania State Grant.
WORK-STUDY
>Work-study is a type of aid that provides part-time job opportunities to students with significant financial need, allowing them to earn money to help pay educational expenses.
>Students who complete the FAFSA are automatically considered for work-study.
>Money is earned as the student works. Unlike other aid sources, work-study is not applied directly toward the tuition bill. The student will receive biweekly pay and can earn pay up to the total work-study award.
>Students work an average of fifteen to twenty hours per week.
SCHOLARSHIPS
>Scholarships do not have to be repaid and are awarded based on merit and, in many cases, financial need.
>All students are automatically con-sidered for University-wide scholar-ships; however, some academic colleges and campuses may require a separate application. For more details, visit psu.edu/studentaid.
>At Penn State, scholarships are awarded by academic colleges, Penn State campuses, and administrative units, in addition to the Office of Student Aid.
>Penn State does not offer standard merit awards for students who fit particular profiles.
>First-year students accepted to the highly selective Schreyer Honors College are awarded an Academic Excellence Scholarship of $4,000 per academic year. For more information on this program, visit scholars.psu.edu.
2011–12 Penn State Costs by Campus (FOR ESTIMATING PURPOSES ONLY)
PENN STATE UNIVERSITY PARK
PA Resident Non-PA Resident
Tuition and Fees $15,984 $28,066
Additional Estimated Costs* $15,018 $15,018
TOTAL $31,002 $43,084
*Additional estimated costs at ALL CAMPUSES PA Resident and Non-PA Resident
Rooms and Meals $9,432Books and Supplies $1,536Travel and Personal $4,050
TOTAL $15,018
PA Resident Non-PA Resident
Tuition and Fees $12,966–13,636 $19,406–20,408
Additional Estimated Costs* $15,018 $15,018
TOTAL $27,984–28,654 $34,424–35,426
PENN STATE ABINGTON
PENN STATE ALTOONA
PENN STATE BEAVER
PENN STATE BERKS
PENN STATE BRANDYWINE
PENN STATE DUBOIS
PENN STATE ERIE
PENN STATE FAYETTE
PENN STATE GREATER ALLEGHENY
PENN STATE HARRISBURG
PENN STATE HAZLETON
PENN STATE LEHIGH VALLEY
PENN STATE MONT ALTO
PENN STATE NEW KENSINGTON
PENN STATE SCHUYLKILL
PENN STATE SHENANGO
PENN STATE WILKES-BARRE
PENN STATE WORTHINGTON SCRANTON
PENN STATE YORK
A Penn State education is an excellent investment in your future. However, the cost of a quality education can be substantial.
Student financial aid, including educational loans, can provide help in many cases. We encourage students to explore a variety of financing strategies to make their Penn State education a reality. Most Penn State students and their families use personal savings, tuition savings plans, student summer employment, and Penn State’s payment plan, in combination with student financial aid, to pay for their education.
Educational loans are considered a type of student aid. At Penn State, approximately 88 percent of all under- graduate students who apply for student aid receive such loans. Need-based aid programs may also be available to those who qualify. Ultimately, the responsibility for paying the majority of educational costs for most students rests with their families.
This overview will provide students and families with general information about Penn State’s costs and the types of student financial aid and services that are available.
>Cost of Attendance
The cost of attendance includes living expenses—such as meals, room and board, transportation, and books—in addition to tuition and fees. A student’s total student aid package can never exceed the cost of attendance.
When considering total costs, students can expect to incur additional expenses during the academic year. Please use 2011–12 costs for planning purposes only. The Board of Trustees will determine final tuition and fees for the 2012–13 academic year in July 2012.
LOANS
>Loans are a type of self-help aid and must be repaid.
>Students and their families can apply for federal loans and/or pri-vate alternative loans. Generally, federal loans have more favorable terms and conditions than private alternative loans.
>Students who complete the FAFSA may be eligible for a Federal Direct Stafford Loan and parents of dependent students may be eligible for a Federal Direct Parent PLUS Loan.
>Eligible first-year students can receive a maximum of $5,500 in Federal Direct Stafford Loan funds for the first year.
>Parents of dependent students who are eligible for a Federal Direct Parent PLUS Loan can borrow up to the student’s total cost of attendance minus all other financial aid.
>Loan payments for the Federal Direct Stafford Loan are deferred while the student is enrolled at least half-time. Parents can also request a deferment on the Federal Direct Parent PLUS Loan while the student is enrolled at least half-time.
>Additional loan information, in-cluding private alternative and Parent PLUS Loan application in-formation, eligibility requirements, and current interest rates, is avail-able at psu.edu/studentaid.
> Applying for Student Financial Aid
To be considered for student aid, all Penn State students must complete the Free Application for Federal Student Aid (FAFSA). Complete and submit the FAFSA on the Web at fafsa.gov. First-year students should complete the FAFSA by March 1 for maximum consideration of aid.
For detailed information about the student aid process, visit psu.edu/studentaid.
> How Eligibility is Determined
The amount of financial aid awarded is based on the information submitted on the FAFSA and the admission application, as well as the amount of funding, number of available endowed scholarships, and number of students attending the University. We recognize students may not be able to meet the difference between the aid received and the cost of attendance. Many Penn State students and their families offset this difference with educational loans.
> The Student Financial Aid Award Process
Penn State student aid award notifications begin in late March for first-year students and continue throughout the academic year; notifications for returning students begin in late June. Students will receive an e-mail notification prompting them to view their student aid summary online.
> The Aid Award
Students may receive various types of student aid, including loans, grants, Work-Study, and/or scholarships. Please remember that student aid awards may not meet all of the educational costs. Students must meet the difference between educational costs and available student aid. Most students can expect to receive loans as part of, or the only source of, assistance. Also, many families rely on parent loans to fund the difference. For more information about financing options, go to psu.edu/studentaid.
> The Bill
The bill will reflect University charges less any anticipated student financial aid. These charges include tuition, fees, and residence hall expenses. Fall bills are prepared in July and due in early August. Spring bills are prepared in November and due in early December. Payment for the balance of the charges is expected prior to the start of the semester.
Penn State offers two payment plans that allow for remittance of payments in install-ments for a given semester. For more detailed information about bills and payment plans, please visit the Office of the Bursar website at bursar.psu.edu.
> Types of Student Financial Aid
Penn State’s Office of Student Aid provides assistance to eligible students through a variety of programs from federal, state, and University funding sources. After completing the FAFSA, students will be considered for all four types of student financial aid: loans, grants, scholarships, and Work-Study.
GRANTS
>Grants do not have to be repaid and are awarded based on significant financial need as determined by the FAFSA.
>Students who complete a FAFSA are automatically considered for federal and University grants.
>Pennsylvania residents who complete the FAFSA no later than May 1 will also be automatically considered for a Pennsylvania State Grant.
WORK-STUDY
>Work-study is a type of aid that provides part-time job opportunities to students with significant financial need, allowing them to earn money to help pay educational expenses.
>Students who complete the FAFSA are automatically considered for work-study.
>Money is earned as the student works. Unlike other aid sources, work-study is not applied directly toward the tuition bill. The student will receive biweekly pay and can earn pay up to the total work-study award.
>Students work an average of fifteen to twenty hours per week.
SCHOLARSHIPS
>Scholarships do not have to be repaid and are awarded based on merit and, in many cases, financial need.
>All students are automatically con-sidered for University-wide scholar-ships; however, some academic colleges and campuses may require a separate application. For more details, visit psu.edu/studentaid.
>At Penn State, scholarships are awarded by academic colleges, Penn State campuses, and administrative units, in addition to the Office of Student Aid.
>Penn State does not offer standard merit awards for students who fit particular profiles.
>First-year students accepted to the highly selective Schreyer Honors College are awarded an Academic Excellence Scholarship of $4,000 per academic year. For more information on this program, visit scholars.psu.edu.
2011–12 Penn State Costs by Campus (FOR ESTIMATING PURPOSES ONLY)
PENN STATE UNIVERSITY PARK
PA Resident Non-PA Resident
Tuition and Fees $15,984 $28,066
Additional Estimated Costs* $15,018 $15,018
TOTAL $31,002 $43,084
*Additional estimated costs at ALL CAMPUSES PA Resident and Non-PA Resident
Rooms and Meals $9,432Books and Supplies $1,536Travel and Personal $4,050
TOTAL $15,018
PA Resident Non-PA Resident
Tuition and Fees $12,966–13,636 $19,406–20,408
Additional Estimated Costs* $15,018 $15,018
TOTAL $27,984–28,654 $34,424–35,426
PENN STATE ABINGTON
PENN STATE ALTOONA
PENN STATE BEAVER
PENN STATE BERKS
PENN STATE BRANDYWINE
PENN STATE DUBOIS
PENN STATE ERIE
PENN STATE FAYETTE
PENN STATE GREATER ALLEGHENY
PENN STATE HARRISBURG
PENN STATE HAZLETON
PENN STATE LEHIGH VALLEY
PENN STATE MONT ALTO
PENN STATE NEW KENSINGTON
PENN STATE SCHUYLKILL
PENN STATE SHENANGO
PENN STATE WILKES-BARRE
PENN STATE WORTHINGTON SCRANTON
PENN STATE YORK
Penn State Abington 215-881-7348 [email protected]
Penn State Altoona 814-949-5055 [email protected]
Penn State Beaver 724-773-3800 [email protected]
Penn State Berks 610-396-6070 [email protected]
Penn State Brandywine 610-892-1261 [email protected]
Penn State DuBois 814-375-4760 [email protected]
Penn State Erie 814-898-6162 [email protected]
Penn State Fayette 724-430-4131 [email protected]
Penn State Greater Allegheny 412-675-9060 [email protected]
Penn State Harrisburg 717-948-6307 [email protected]
Penn State Hazleton 570-450-3163 [email protected]
Penn State Lehigh Valley 610-285-5033 [email protected]
Penn State Mont Alto 717-749-6133 [email protected]
Penn State New Kensington 724-334-6045 [email protected]
Penn State Schuylkill 570-385-6244 [email protected]
Penn State Shenango 724-983-2845 [email protected]
Penn State University Park 814-865-6301 Via web at psu.edu/studentaid
Penn State Wilkes-Barre 570-675-9242 [email protected]
Penn State Worthington Scranton 570-963-2690 [email protected]
Penn State York 717-771-4045 [email protected]
The Office of Student Aid at Univer-sity Park is the central administrative student aid office for the entire Penn State system. Each Penn State campus also has an affiliate office with a student aid representative.
Office of Student Aid The Pennsylvania State University 314 Shields Building University Park, PA 16802-1220
Phone: 814-865-6301Fax: 814-863-0322E-mail is available on our website: psu.edu/studentaidWeb: psu.edu/studentaid
> How to Contact Our Office > Penn State Campuses
> Penn State Community Recruitment Centers and Regional Recruiters
New Jersey 973-983-0159 [email protected]
New York City 718-862-2965 [email protected]
Philadelphia 215-246-3500 [email protected]
> Penn State Online
Pittsburgh 412-263-2900 [email protected]
Washington, D.C., Maryland, and Virginia Area 814-876-0405 [email protected]
THIS PUBLICATION IS AVAILABLE IN ALTERNATIVE MEDIA ON REQUEST. The Pennsylvania State University is committed to the policy that all persons shall have equal access to programs, facilities, admission, and employment without regard to personal characteristics not related to ability, performance, or qualifications as determined by University policy or by state or federal authorities. It is the policy of the University to maintain an academic and work environment free of discrimination, including harassment. The Pennsylvania State University prohibits discrimination and harassment against any person because of age, ancestry, color, disability or handicap, national origin, race, religious creed, sex, sexual orientation, gender identity, or veteran status. Discrimination or harassment against faculty, staff, or students will not be tolerated at The Pennsylvania State University. Direct all inquiries regarding the nondiscrimination policy to the Affirmative Action Director, The Pennsylvania State University, 328 Boucke Building, University Park, PA 16802-5901; Tel 814-865-4700/V, 814-863-0585/TTY. PRODUCED BY THE PENN STATE DEPARTMENT OF UNIVERSITY PUBLICATIONS. U.Ed. UAO 11-179
O F F I C E O F S T U D E N T A I D
psu.edu/studentaid
U N D E R G R A D U AT E A D M I S S I O N S O F F I C E
admissions.psu.edu
O F F I C E O F S T U D E N T A I D
psu.edu/studentaid
U N D E R G R A D U AT E A D M I S S I O N S O F F I C E
admissions.psu.edu
O F F I C E O F S T U D E N T A I D
2012–13
Costs, Student Aid, and Scholarships
An Overview
Facts about Scholarships
>Approximately 4,100 first-year students across Penn State’s twenty undergraduate campuses receive a University scholarship.
>Thirty-eight percent of first-year scholar-ship recipients are at University Park, with the remaining 62 percent at other Penn State campuses.
>Both Pennsylvania and non-Pennsylvania residents receive equal scholarship consideration.
>Typical scholarship award values are $1,500 to $3,000 per academic year.
>Approximately one in five first-year students who attend Penn State receive private scholarship support from their high school, community organizations, church groups, local companies, or other philanthropies.
Facts about Loans
>Seventy-eight percent of first-year under-graduate student aid applicants take ad-vantage of Federal Direct Stafford Loans.
>Eligible first-year students may borrow up to $5,500 in Federal Direct Stafford Loans their first year, $6,500 in the second year, and $7,500 each year thereafter.
>No credit check or co-signer is required for students to borrow Federal Direct Stafford funds. Students who complete a FAFSA are automatically considered for the loan and must accept the loan terms in order to re-ceive the funds.
>Loan payments are not required while students are enrolled at least half-time in school. Repayment typically begins six months after the student graduates. When repaying the Federal Direct Stafford Loan, students may choose a repayment plan that meets their needs. The monthly pay-ment and length of time to repay the loan will vary depending on the repayment plan chosen. Generally, students have from ten to twenty-five years to repay their Federal Direct Stafford Loans.
>The Federal Direct Parent PLUS Loan is a fixed interest rate loan in the parent’s name. Parents complete the application process online. When the Federal Direct Parent PLUS Loan application is reviewed for credit worthiness, employment status, credit score, and debt-to-income ratio is not taken into consideration. Generally, parents are ap-proved for the Federal Direct Parent PLUS Loan if they do not have any accounts in default, foreclosure, bankruptcy, or delin-quency past ninety days.
>Parents can defer repayment of the Federal Direct Parent PLUS Loan as long as the student is enrolled at least half-time and can choose from several different repay-ment plans.
>Private educational loans are also available for educational expenses. Twenty-two per-cent of first-year students take advantage of private alternative loans.
> Penn State Student Aid Facts and Figures
Educational loans are the main source of financial aid. >The average loan debt for baccalaureate
student borrowers graduating from Penn State is $31,000.
>Many parents of dependent students borrow Federal Direct Parent PLUS loans each year to help their students cover educational costs. Approximately 25 per-cent of families who take advantage of federal loans receive Parent PLUS loans.
>University scholarships comprise 7 percent of the available funding for undergraduate students at Penn State. With limited Uni-versity scholarship funds, the competition for scholarships is strong.
LOANS, 65%GRANTS, 24%
UNIVERSITY SCHOLARSHIPS, 7%
PRIVATE SCHOLARSHIPS, 3%WORK-STUDY, 1%
Undergraduate Student Aid Funding at Penn State
Total = $ 896 million
800-252-3592 [email protected]
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