Student Loans for Penn State Students
About Penn State Financial Aid Program
As a major, well-respected state university, Penn State invests a good deal of effort and money into their financial aid program. When considering students for financial aid, Penn State takes into account income, family status, the cost of attending Penn State, and the student’s/family’s earning capacity. As a result, a large portion of the student body qualifies for some form of financial aid from the Penn State Financial Aid office. Decisions are made at the time of admission, and students re-apply every year to receive a financial aid package for the next year. When re-applying for aid or appealing an aid package, Penn State considers change in a family’s financial status over this period, as well as changing costs associated with attending Penn State. Penn State Financial Aid is limited for international students, and as a result, international students are required to either search for funding on their own, or must be able to cover the total cost of attendance out-of-pocket.
Applying for Penn State Financial Aid is a pretty straightforward process, just like applying for aid at any other school. Before you send in any financial aid applications or paperwork, you should talk to the Penn State Financial Aid office about any scholarships and/or grants you might be eligible for, and whether you will need loans to cover the cost of attending Penn State. After that, file the Free Application for Federal Student Aid (FAFSA), which will be used to determine your financial need, and ultimately your aid package. Once you submit the FAFSA, your Penn State Financial Aid application process will be complete, and you will receive a financial aid package some time thereafter.
Penn State Financial Aid Packages
Typically Penn State Financial Aid packages include grants, scholarships, work-study programs, and federal student loans. Scholarships and grants are the best forms of aid you can receive, as they are ‘free money,’ meaning they do not have to be repaid. Most students who receive Penn State Financial Aid will also be offered student loans in their financial aid package, and will be encouraged to work on campus for up to a few hours each week, as well as over the summer, to make a contribution to their education. Some students enrolled at Penn State are able to obtain financial aid from external sources, such as third-party scholarships and/or grants. Students who need private student loans to attend Penn State should exhaust all federal aid options as their first source of funding, and then pursue private student loans to cover whatever financial gap may remain. To find, compare, and apply for private student loans for Penn State, just use our Student Loan Comparison Tool above.
When should I apply for Penn State scholarships?
Penn State has an impressive financial aid program and many students benefit from it every year. Scholarships are usually awarded at the time of admission or at the beginning of each subsequent year. To apply, fill out the Free Application for Federal Student Aid online at www.fafsa.ed.gov.
Pay for Pennsylvania State University*
|Total Avg. Cost||$28,520|
|Room & Board||$8,042|
|Financial Aid Information|
|Students Receiving Fin Aid||70%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$13,602|
|%Receiving Other Loans||10%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics