What is Financial Aid?
Financial aid (also known as 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, loans, scholarships, and work-study.
Grants are awarded based only on financial need and have no requirement of repayment. Grants can come from the federal government, the state, or Penn State.
Loans are low-interest awards that must be repaid after students complete or terminate their studies at the University. Loans include the Federal Direct Stafford Loan, the Federal Direct Parent PLUS Loan, and alternative educational loans such as those listed at http://www.psu.edu/studentaid/index.shtml.
Scholarships are awarded based on academic achievement. For many Penn State scholarships, financial need is an additional criterion of eligibility. There is no requirement of repayment. Students interested in scholarships should be aware of possible separate scholarship applications.
Federal work-study awards are based on a student’s financial need and allow students to earn money towards their university expenses. Work-study earnings are not applied directly to a student’s semester bill since work-study students receive a paycheck. Available work-study jobs at Penn State can be found by visiting eLion.
Students who need assistance in financing a college education are encouraged to contact the Penn State Beaver Office of Student Aid. Please contact Gail Gray, student aid and veterans coordinator, 724-773-3803 or firstname.lastname@example.org, to learn if you qualify for grants, loans, scholarships, and/or work-study.
Any student interested in being considered for grants, loans, scholarships, and/or work-study should complete the Free Application for Federal Student Aid (FAFSA). New students should submit their FAFSA by February 15. Returning students should submit their renewal FAFSA by April 15 of the preceding enrollment year for maximum consideration of student aid programs. Pennsylvania resident students are strongly encouraged to submit the FAFSA by the recommended date to insure that they meet the PHEAA state grant deadline of May 1.
Penn State’s FAFSA School Code is 003329.
Financial Aid Requirements
To be eligible for federal and state financial aid, students must:
- Complete the Free Application for Federal Student Aid (FAFSA) (http://www.fafsa.ed.gov/) every year. Penn State's FAFSA School Code is 003329.
- Be enrolled/accepted in an eligible program of study.
- Be enrolled at least half-time (6 credits for undergraduate students, 5 credits at the 400 level or above for graduate students).
- Have a high school diploma, a GED, or a passing "ability to benefit" test.
- Be a United States citizen or eligible non-citizen with a valid Social Security number.
- Be registered with the Selective Service if the student is a male between the ages of 18-25.
- Not have your eligibility suspended or terminated due to drug-related conviction.
- Not be in default on a federal student loan.
- Not owe repayment of a federal grant.
- Maintain satisfactory academic progress as defined by the higher education institution.
TIP: While it is not required, it is highly recommended that students/parents submit the FAFSA using a federal Personal Identification Number (PIN). Using a PIN, rather than "paper signatures," can cut the federal processing time to several weeks.
The Student Aid staff will help you:
-- Find all available forms of student aid.
-- Complete your admissions application.
Let us help you make the most of your Penn State education!
For assistance or information on any of these topics, please contact Gail Gray, student aid and veterans coordinator at Beaver campus, 724-773-3803 or email@example.com, or feel free to contact any member of the Beaver Admissions Office at 1-877-JOIN-PSU, email at firstname.lastname@example.org, or AOL Instant Messenger, screen name BRAdmissions.
- Nontraditional Students
- Financial Aid