1. Obtain PIN for FAFSA-this acts as an electronic signature on your application.
2. Complete FAFSA. The Free Application for Federal Student Aid or FAFSA is the main financial aid application for Penn State. The recommended filling deadline for freshman is February 15th. All other continuing students are encouraged to file by April 15th for the upcoming academic year.
After filing your application students will be considered for federal, state (PHEAA), and University student financial aid programs. These programs include stafford direct loans, perkins loans, university loans, state grant, work study,PSU tution assistance grant, and federal grant money.
***All freshman will be automactially considered by the scholarship comitee for campus based scholarship money once a FAFSA is on file and the admissions enrollment fee has been paid to the school by May 1st for the upcoming year. Please note our top applicants may be offered scholarship money as early as November and on a rolling basis thereafter.
***Any freshman who pays their enrollment fee after this date will still be considered for campus based scholarships if funds allow.
***All continuing students must file a FAFSA and provide a paper based application to the financial aid office by February 15th for the upcoming academic year.
3. Review your Student Aid Report ( SAR) on the web. If you provided a valid email address on the FAFSA you will be notified electronically to review your SAR and make changes if neccessary. Once your FAFSA is forwarded to Penn State the university may or may not contact you if additional information is required. Please note if you are verified you must complete ALL requested information within a timely manner.
4. All freshman will recieve their financial aid award letter via the Friends of Penn State account online. (This process starts in mid-March and continues on a rolling basis thereafter.) Your Friends of Penn State account is the account that was initially created when you applied for admission. Once you complete the First Year Testing Counseling Program you will be given a Penn State user ID and password that will allow you access to Elion. After you are able to access Elion you can view your "student aid summary" through Elion. Your award letter will show the type of money your eligible to receive and the amount broken up by semester.
All continuing students will recieve an email through PSU webmail starting in June asking them to log into Elion to view their "student aid summary" online.
5. Please review your total estimated tuition costs on our Office of Student Aid website and subtract your total financial aid package. Please note Federal Work study should not be included in your calculation as it will not count towards you semester bill. ( This is because we are unsure as to whether or not the student will choose to utilize the award).
6. Once you have subtracted your estimated costs ( after July the website will reflect exact costs) from your financial aid package you may have an out of pocket expense that financial aid does not cover. In this case we ask that the parents of dependent studets consider the Direct Parent Plus Loan. If the Parent Plus Loan is not an option you may want to consider the deferred payment plan through the Bursars Office. After you have exhasted these options and all other resources, alternative credit based loans are available by applying online through our Office of Student Aid website or by applying through the lender of your choice ( i.e. bank, credit union).
In order to meet eligibility requirements, you must
1. complete the FAFSA each year
FAFSA Available for renewal January 1
Compete FAFSA for maximum consideration February 15