Costs, Student Aid, and Scholarships
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OFFICE OF STUDENT AID OFFICE OF STUDENT AID 2012–13 psu.edu/studentaid Undergraduate Student Aid Funding at Penn State > Penn State Student Aid An Overview UNDERGRADUATE Facts and Figures ADMISSIONS OFFICE OFFICE OF STUDENT AID WORK-STUDY, 1% admissions.psu.edu psu.edu/studentaid Educational loans are the main PRIVATE SCHOLARSHIPS, 3% source of financial aid. UNIVERSITY SCHOLARSHIPS, 7% UNDERGRADUATE ADMISSIONS OFFICE >The average loan debt for baccalaureate admissions.psu.edu student borrowers graduating from Penn State is $31,000. > How to Contact Our Office > Penn State Campuses >Many parents of dependent students The Office of Student Aid at Univer- Penn State Abington Penn State Hazleton borrow Federal Direct Parent PLUS loans GRANTS, 24% LOANS, 65% 215-881-7348 [email protected] 570-450-3163 [email protected] each year to help their students cover sity Park is the central administrative educational costs. Approximately 25 per- student aid office for the entire Penn Penn State Altoona Penn State Lehigh Valley Costs, Student Aid, cent of families who take advantage of State system. Each Penn State campus 814-949-5055 [email protected] 610-285-5033 [email protected] federal loans receive Parent PLUS loans. also has an affiliate office with a student Penn State Beaver Penn State Mont Alto >University scholarships comprise 7 percent aid representative. 724-773-3800 [email protected] 717-749-6133 [email protected] of the available funding for undergraduate Penn State Berks Penn State New Kensington Office of Student Aid and Scholarships students at Penn State. With limited Uni- 610-396-6070 [email protected] 724-334-6045 [email protected] versity scholarship funds, the competition The Pennsylvania State University for scholarships is strong. 314 Shields Building Penn State Brandywine Penn State Schuylkill Total = $ 896 million University Park, PA 16802-1220 610-892-1261 [email protected] 570-385-6244 [email protected] Penn State DuBois Penn State Shenango Phone: 814-865-6301 814-375-4760 [email protected] 724-983-2845 [email protected] Fax: 814-863-0322 E-mail is available on our website: Penn State Erie Penn State University Park psu.edu/studentaid 814-898-6162 [email protected] 814-865-6301 Web: psu.edu/studentaid Via web at psu.edu/studentaid Facts about Scholarships Facts about Loans Penn State Fayette 724-430-4131 [email protected] Penn State Wilkes-Barre >The Federal Direct Parent PLUS Loan is a 570-675-9242 [email protected] >Approximately 4,100 first-year students >Seventy-eight percent of first-year under- Penn State Greater Allegheny fixed interest rate loan in the parent’s name. across Penn State’s twenty undergraduate graduate student aid applicants take ad- 412-675-9060 [email protected] Penn State Worthington Scranton Parents complete the application process campuses receive a University scholarship. vantage of Federal Direct Stafford Loans. 570-963-2690 [email protected] online. When the Federal Direct Parent Penn State Harrisburg >Thirty-eight percent of first-year scholar- >Eligible first-year students may borrow up PLUS Loan application is reviewed for credit 717-948-6307 [email protected] Penn State York ship recipients are at University Park, with to $5,500 in Federal Direct Stafford Loans worthiness, employment status, credit score, 717-771-4045 [email protected] the remaining 62 percent at other Penn their first year, $6,500 in the second year, and debt-to-income ratio is not taken into State campuses. and $7,500 each year thereafter. consideration. Generally, parents are ap- >Both Pennsylvania and non-Pennsylvania >No credit check or co-signer is required for proved for the Federal Direct Parent PLUS residents receive equal scholarship students to borrow Federal Direct Stafford Loan if they do not have any accounts in > Penn State Community Recruitment Centers and Regional Recruiters consideration. funds. Students who complete a FAFSA are default, foreclosure, bankruptcy, or delin- automatically considered for the loan and quency past ninety days. New Jersey Pittsburgh > Typical scholarship award values are must accept the loan terms in order to re- 973-983-0159 [email protected] 412-263-2900 [email protected] $1,500 to $3,000 per academic year. >Parents can defer repayment of the Federal ceive the funds. Direct Parent PLUS Loan as long as the New York City Washington, D.C., Maryland, > Approximately one in five first-year >Loan payments are not required while student is enrolled at least half-time and 718-862-2965 [email protected] and Virginia Area students who attend Penn State receive can choose from several different repay- 814-876-0405 students are enrolled at least half-time in Philadelphia private scholarship support from their school. Repayment typically begins six ment plans. [email protected] high school, community organizations, 215-246-3500 [email protected] months after the student graduates. When >Private educational loans are also available church groups, local companies, or repaying the Federal Direct Stafford Loan, other philanthropies. for educational expenses. Twenty-two per- students may choose a repayment plan cent of first-year students take advantage that meets their needs. The monthly pay- of private alternative loans. ment and length of time to repay the loan > Penn State Online will vary depending on the repayment plan 800-252-3592 [email protected] chosen. Generally, students have from ten to twenty-five years to repay their Federal Direct Stafford Loans. 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 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 under- Penn State’s Office of Student Aid provides assistance to eligible students through a variety of programs from federal, state, and graduate students who apply for student aid receive such loans. Need-based aid programs may also be available University funding sources. After completing the FAFSA, students will be considered for all four types of student financial aid: loans, to those who qualify. Ultimately, the responsibility for paying the majority of educational costs for most students grants, scholarships, and Work-Study. 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. LOANS GRANTS SCHOLARSHIPS >Loans are a type of self-help aid >Grants do not have to be repaid and >Scholarships do not have to be repaid >Cost of Attendance and must be repaid. are awarded based on significant and are awarded based on merit financial need as determined by 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 Students and their families can the FAFSA. and fees. A student’s total student aid package can never exceed the cost of attendance. apply for federal loans and/or pri- >All students are automatically con- vate alternative loans. Generally, >Students who complete a FAFSA are sidered for University-wide scholar- When considering total costs, students can expect to incur additional expenses during the academic year. Please use 2011–12 costs federal loans have more favorable automatically considered for federal ships; however, some academic for planning purposes only. The Board of Trustees will determine final tuition and fees for the 2012–13 academic year in July 2012. terms and conditions than private and University grants. colleges and campuses may require alternative loans. a separate application. For more > Applying for > How Eligibility is Determined > The Aid Award >Pennsylvania residents who complete details, visit psu.edu/studentaid. Student Financial Aid >Students who complete the FAFSA the FAFSA no later than May 1 will The amount of financial aid awarded is Students may receive various types of student may be eligible for a Federal also be automatically considered for >At Penn State, scholarships are To be considered for student aid, all Penn based on the information submitted on the aid, including loans, grants, Work-Study, Direct Stafford Loan and parents a Pennsylvania State Grant. awarded by academic colleges, Penn 2011–12 Penn State Costs by Campus (FOR ESTIMATING PURPOSES ONLY) State students must complete the Free FAFSA and the admission application, as and/or scholarships.