Financial Aid and Your Bill
College Savings Plans
An example of a College Savings Plan is the Pennsylvania 529 College Savings Program. Most states have a College Savings Plan that will send funds to Penn State after you send them a copy of your tuition bill.
If you are claiming a credit from any of these plans, you can indicate this on your electronic bill by selecting "Contact us regarding your bill" and noting the funding in the "category" box. Once you have indicated this funding source, your communication will be submitted to the Bursar's Office for review. You will receive a response from the Bursar's Office by e-mail.
Please be sure to follow any additional instructions required by the College Savings Plan to ensure the funds arrive in a timely manner.
Scholarships, Grants, Loans
Please refer to Anticipated Student Financial Aid Detail on your tuition bill. This section shows the most current known aid available. The total amount will be shown as a deduction (credit) on your tuition bill.
If you are claiming credit for any other type of student aid, please select, "Contact us regarding your bill", select the appropriate box and note the additional student aid within the explanation box. Then please complete the "pay other" box with any payment not covered with your student aid funds. Once you have indicated additional aid, your message will be submitted to the Bursar's Office for review. You will receive a response from the Bursar's Office via e-mail.
Please note: If you are contacting us regarding your tuition bill and intend to send payment by mail, please follow the instructions in the paragraph above and be sure to print a copy of the remittance stub and return it with your payment. Be sure to include a copy of supporting documentation, such as a private scholarship award letter with an approved amount. Taking a deduction of student aid sources, such as loans, scholarships, etc., that has not been approved, can delay the processing of your bill and completion of your registration.
Federal Direct Stafford Loan Information
Students eligible for a Federal Direct Stafford Loan may see it listed on the tuition bill as an "ESTIMATED LOAN." If an "ESTIMATED LOAN" appears on your tuition bill and you completed/signed your Federal Direct Stafford Loan Master Promissory Note, you can expect to receive a notice finalizing your loan.
If you have not completed/signed your Federal Direct Stafford Loan Master Promissory Note, you can complete/sign this note now electronically using the Federal Personal Identification Number (PIN) issued to you by the U.S. Department of Education. This loan note can be signed at www.studentloans.gov. This Master Promissory Note will authorize disbursement of all Federal Direct Stafford Loan funds for up to 10 years while you are enrolled as a student. You will not need to sign this promissory note again to borrow in future years.
Prior to any Federal Direct Stafford Loan disbursements being made to your student account, you will have the option to refuse these funds. Students can decrease or cancel a Federal Direct Stafford Loan via eLion by selecting "Loan Decrease" from the menu. However, students are encouraged to closely review their semester budget to determine the amount of Federal Direct Stafford Loan funds needed to pay tuition, fees, room, board and book charges. Students should also consider any additional educational expenses they may incur during the semester. This will help students determine the amount of Federal Direct Stafford Loan funds they need to borrow to cover the educational expenses for the semester.
Students will then receive a "Notification of Disbursement" from both the U.S. Department of Education and Penn State (via e-mail) at the point in the semester when Federal Direct Stafford Loan funds are placed in the student's account. Students will also have the option at this time to refuse any or all of the Federal Direct Stafford Loan proceeds. If after receiving the proceeds as a refund, a student decides to return any or all of their loan funds, please return them directly to the Office of the Bursar, 103 Shields Building, University Park, PA 16802. We will return them directly to the U.S. Department of Education.
Loan Entrance Counseling
All first-time Penn State loan borrowers will need to complete a process called Loan Entrance Counseling, which highlights the obligation to repay all loans. Students will be notified via e-mail if this is a requirement and will be directed to www.studentloans.gov to complete the online counseling program. Loan Entrance Counseling must be completed before loan funds will be disbursed.
Federal Perkins and University Loans
To decrease or cancel your loan, follow the "Accept/Cancel" link in the LionPath Student Center. Reducing or canceling your Perkins and/or University loan(s) for the fall semester will not automatically reduce or cancel the same loan(s) for the spring semester. If you are a new student, this option will be available after your Penn State Access Account is activated.
Prior to the first day of the semester, a student may cancel his or her registration without financial penalty. Beginning with the first day of the semester, a student who decides not to attend must withdraw. Please see the Tuition Adjustment Policy to determine your financial adjustment.
A Note to Undergraduate Students Only: Students should be aware that dropping classes during the semester may decrease the amount of your financial aid. All students receiving a Federal Pell Grant who decrease their credit load during the semester will have their award adjusted. This may result in a balance owed to the University.
Graduate Students: If you have an approved graduate assistantship, fellowship, or traineeship that has not been applied to your bill, you will need to contact our office for assistance in completing your registration. To contact our office, you will need to select the appropriate semester bill, and click on the "Contact us regarding your bill" link. In the request field notate that you are expecting the assistantship/fellowship/traineeship for the currently billed semester. You will receive a response from the Bursarâ€™s office via e-mail.