Costs, Student Aid, and Scholarships

Transcription

1 OFFICE OF STUDENT AID An Overview OFFICE OF STUDENT AID psu.edu/studentaid UNDERGRADUATE ADMISSIONS OFFICE admissions.psu.edu Costs, Student Aid, and Scholarships

2 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. > Types of Student Financial Aid Educational loans are considered a type of student aid. At Penn State, approximately 88 percent of all undergraduate 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. 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. 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. LOANS GRANTS SCHOLARSHIPS >Cost of Attendance >Loans are a type of self-help aid and must be repaid. >Grants do not have to be repaid and are awarded based on significant financial need as determined by the FAFSA. >Scholarships do not have to be repaid and are awarded based on merit and, in many cases, financial need. 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 costs for planning purposes only. The Board of Trustees will determine final tuition and fees for the academic year in July > Applying for Student Financial Aid To be considered for student aid, all Penn State students must complete the Free Penn State Costs by Campus (FOR ESTIMATING PURPOSES ONLY) PENN STATE UNIVERSITY PARK $15,984 $28,066 $31,002 $43,084 PENN STATE ABINGTON PENN STATE FAYETTE PENN STATE SCHUYLKILL PENN STATE ALTOONA PENN STATE GREATER ALLEGHENY PENN STATE SHENANGO PENN STATE BEAVER PENN STATE HARRISBURG PENN STATE WILKES-BARRE PENN STATE BERKS PENN STATE HAZLETON PENN STATE WORTHINGTON SCRANTON PENN STATE BRANDYWINE PENN STATE LEHIGH VALLEY PENN STATE YORK PENN STATE DUBOIS PENN STATE MONT ALTO PENN STATE ERIE PENN STATE NEW KENSINGTON *Additional estimated costs at ALL CAMPUSES Rooms and Meals Books and Supplies Travel and Personal 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 $12,966 13,636 $19,406 20,408 $27,984 28,654 $34,424 35,426 and $9,432 $1,536 $4,050 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 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 installments 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. >Students and their families can apply for federal loans and/or private alternative loans. Generally, federal loans have more favorable terms and conditions than private alternative loans. 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, including private alternative and Parent PLUS Loan application information, eligibility requirements, and current interest rates, is available at psu.edu/studentaid. >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. 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. >All students are automatically considered for University-wide scholarships; 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.

3 > Penn State Student Aid Facts and Figures Undergraduate Student Aid Funding at Penn State Educational loans are the main source of financial aid. >The average loan debt for baccalaureate student borrowers graduating from Penn State is $31,000. PRIVATE SCHOLARSHIPS, 3% UNIVERSITY SCHOLARSHIPS, 7% WORK-STUDY, 1% >Many parents of dependent students borrow Federal Direct Parent PLUS loans each year to help their students cover educational costs. Approximately 25 percent of families who take advantage of federal loans receive Parent PLUS loans. GRANTS, 24% LOANS, 65% >University scholarships comprise 7 percent of the available funding for undergraduate students at Penn State. With limited University scholarship funds, the competition for scholarships is strong. Total = $ 896 million 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 scholarship 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 undergraduate student aid applicants take advantage 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 receive 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 payment 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 approved for the Federal Direct Parent PLUS Loan if they do not have any accounts in default, foreclosure, bankruptcy, or delinquency 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 repayment plans. >Private educational loans are also available for educational expenses. Twenty-two percent of first-year students take advantage of private alternative loans.

4 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. > Types of Student Financial Aid Educational loans are considered a type of student aid. At Penn State, approximately 88 percent of all undergraduate 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. 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. 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. LOANS GRANTS SCHOLARSHIPS >Cost of Attendance >Loans are a type of self-help aid and must be repaid. >Grants do not have to be repaid and are awarded based on significant financial need as determined by the FAFSA. >Scholarships do not have to be repaid and are awarded based on merit and, in many cases, financial need. 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 costs for planning purposes only. The Board of Trustees will determine final tuition and fees for the academic year in July > Applying for Student Financial Aid To be considered for student aid, all Penn State students must complete the Free Penn State Costs by Campus (FOR ESTIMATING PURPOSES ONLY) PENN STATE UNIVERSITY PARK $15,984 $28,066 $31,002 $43,084 PENN STATE ABINGTON PENN STATE FAYETTE PENN STATE SCHUYLKILL PENN STATE ALTOONA PENN STATE GREATER ALLEGHENY PENN STATE SHENANGO PENN STATE BEAVER PENN STATE HARRISBURG PENN STATE WILKES-BARRE PENN STATE BERKS PENN STATE HAZLETON PENN STATE WORTHINGTON SCRANTON PENN STATE BRANDYWINE PENN STATE LEHIGH VALLEY PENN STATE YORK PENN STATE DUBOIS PENN STATE MONT ALTO PENN STATE ERIE PENN STATE NEW KENSINGTON *Additional estimated costs at ALL CAMPUSES Rooms and Meals Books and Supplies Travel and Personal 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 $12,966 13,636 $19,406 20,408 $27,984 28,654 $34,424 35,426 and $9,432 $1,536 $4,050 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 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 installments 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. >Students and their families can apply for federal loans and/or private alternative loans. Generally, federal loans have more favorable terms and conditions than private alternative loans. 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, including private alternative and Parent PLUS Loan application information, eligibility requirements, and current interest rates, is available at psu.edu/studentaid. >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. 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. >All students are automatically considered for University-wide scholarships; 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.

5 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. > Types of Student Financial Aid Educational loans are considered a type of student aid. At Penn State, approximately 88 percent of all undergraduate 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. 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. 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. LOANS GRANTS SCHOLARSHIPS >Cost of Attendance >Loans are a type of self-help aid and must be repaid. >Grants do not have to be repaid and are awarded based on significant financial need as determined by the FAFSA. >Scholarships do not have to be repaid and are awarded based on merit and, in many cases, financial need. 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 costs for planning purposes only. The Board of Trustees will determine final tuition and fees for the academic year in July > Applying for Student Financial Aid To be considered for student aid, all Penn State students must complete the Free Penn State Costs by Campus (FOR ESTIMATING PURPOSES ONLY) PENN STATE UNIVERSITY PARK $15,984 $28,066 $31,002 $43,084 PENN STATE ABINGTON PENN STATE FAYETTE PENN STATE SCHUYLKILL PENN STATE ALTOONA PENN STATE GREATER ALLEGHENY PENN STATE SHENANGO PENN STATE BEAVER PENN STATE HARRISBURG PENN STATE WILKES-BARRE PENN STATE BERKS PENN STATE HAZLETON PENN STATE WORTHINGTON SCRANTON PENN STATE BRANDYWINE PENN STATE LEHIGH VALLEY PENN STATE YORK PENN STATE DUBOIS PENN STATE MONT ALTO PENN STATE ERIE PENN STATE NEW KENSINGTON *Additional estimated costs at ALL CAMPUSES Rooms and Meals Books and Supplies Travel and Personal 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 $12,966 13,636 $19,406 20,408 $27,984 28,654 $34,424 35,426 and $9,432 $1,536 $4,050 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 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 installments 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. >Students and their families can apply for federal loans and/or private alternative loans. Generally, federal loans have more favorable terms and conditions than private alternative loans. 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, including private alternative and Parent PLUS Loan application information, eligibility requirements, and current interest rates, is available at psu.edu/studentaid. >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. 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. >All students are automatically considered for University-wide scholarships; 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.

6 OFFICE OF STUDENT AID psu.edu/studentaid UNDERGRADUATE ADMISSIONS OFFICE admissions.psu.edu > How to Contact Our Office > Penn State Campuses The Office of Student Aid at University 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 Phone: Fax: is available on our website: psu.edu/studentaid Web: psu.edu/studentaid Penn State Abington [email protected] Penn State Altoona [email protected] Penn State Beaver [email protected] Penn State Berks [email protected] Penn State Brandywine [email protected] Penn State DuBois [email protected] Penn State Erie [email protected] Penn State Fayette [email protected] Penn State Greater Allegheny [email protected] Penn State Harrisburg [email protected] Penn State Hazleton [email protected] Penn State Lehigh Valley [email protected] Penn State Mont Alto [email protected] Penn State New Kensington [email protected] Penn State Schuylkill [email protected] Penn State Shenango [email protected] Penn State University Park Via web at psu.edu/studentaid Penn State Wilkes-Barre [email protected] Penn State Worthington Scranton [email protected] Penn State York [email protected] > Penn State Community Recruitment Centers and Regional Recruiters New Jersey [email protected] New York City [email protected] Philadelphia [email protected] Pittsburgh [email protected] Washington, D.C., Maryland, and Virginia Area [email protected] > Penn State Online [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 ; Tel /V, /TTY. PRODUCED BY THE PENN STATE DEPARTMENT OF UNIVERSITY PUBLICATIONS. U.Ed. UAO