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Student aid can be defined as any resource that supplements what students, parents and / or those responsible for the student are expected to contribute to meet the costs of a college education. Penn State students receive four types of student aid: Grants, Scholarships, Loans, and Work-Study.
GRANTS
Grants are awarded based solely on financial need, have no requirement of repayment, and can come from the Federal government, the state, or Penn State.
SCHOLARSHIPS
Scholarships are awarded based on academic achievement. For many University scholarships, financial need is an additional criterion of eligibility. There is no requirement of repayment.
LOANS
Loans are low-interest awards that must be repaid after students terminate their studies at the University. Loans include the Federal Stafford Loan, the Federal Parent PLUS Loan, and alternative educational loans such as Penn State's Private Source for Undergraduates Loan.
FEDERAL WORK-STUDY
Federal Work-Study is awarded based on a student's financial need and allows students to earn money towards their school expenses. Work-Study earnings are not applied directly to a student's semester bill since Work-Study students receive a paycheck.
