Financial Aid and Your Statement
The Anticipated Financial Aid section on your monthly student statement reflects the most current known available financial aid at the time of billing. After the student account statement is issued it is static and does not change. Any activity on the student account after the statement is issued will be reflected on the next student account statement.
Students with scholarships, grants, or loans that are not reflected on their statement should contact the Office of Student Aid.
Outside Scholarships, Grants
Many students receive scholarships from various organizations, agencies, and foundations as they graduate from high school. In order for our student's tuition statement to reflect these outside awards it is important to send the scholarship checks as early as possible to the address below:
Fostering Independence Tuition Waiver Program
The Fostering Independence Tuition Waiver Program provides a waiver for tuition and mandatory fees charged by most postsecondary institutions located in the Commonwealth for youth who are or were in foster care.
This waiver applies only to charges that remain after all other gift aid (federal, state, and other scholarships or grants) have been applied to the student’s account.
For more information, go to the Office of Student Aid website: https://studentaid.psu.edu/types-of-aid/grants/for-pennsylvania-residents/fostering-independence
To get started with the Fostering Lions Program at Penn State, go to: https://www.solutionsnetwork.psu.edu/education/fostering-lions-program-getting-started
Federal Financial Aid
Before a Federal Direct Subsidized & Unsubsidized Loan appears on a student's account statement, the student will need to complete the following:
1. Accept the Loan
Loan information will appear on your Award Summary. To see your Award Summary, follow these steps:
- Log in to your Student Home Base in LionPATH
- Click on "My Finances" on the top of the page
- Select "Financial Aid" on the left navigation menu
- Click on "Financial Aid Award" and select the year you wish you see
2. Sign a Loan Master Promisory Note (MPN)
The MPN is an agreement to repay your Direct Loans along with accrued interest and fees. It also explains the terms and conditions of your loans. The process takes approximately 30 minutes to complete. To sign the MPN:
- Open "Master Promissory Note (MPN)" at studentaid.gov
- Select the type of Direct Loan MPN that corresponds to your loan and log in with your FSA I.D.
- Progress through the entire MPN process until you complete all sections
If you have technical difficulty signing the MPN, please contact the U.S. Department of Education's Student Loan Support Center at 800-557-7394.
3. Complete Entrance Counseling
All first-time Federal loan borrowers will need to complete a process called Loan Entrance Counseling, which highlights the obligation to repay all loans. To complete the entrance counseling requirement:
- Open "Complete Counseling" at studentaid.gov
- Choose your loan type, then log in with your FSA I.D.
- Select the school name "PENNSYLVANIA STATE UNIVERSITY (THE)", and whether you are completing the entrance counseling as an "undergraduate" or "graduate/professional" student
- Progress through the counseling tool until you complete all sections
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. For example, all students receiving a Federal Pell Grant who decrease their credit load below 12 credits during the semester may have their award adjusted. This may result in a balance owed to the University. Please contact the Office of Student Aid with additional questions concerning aid adjustments.
Graduate Students: If you have an approved graduate assistantship, fellowship, or traineeship that has not been applied to your statement, you will need to contact our office for assistance. To contact our office, please click on the "Contact" link at the top of this page and select Semester Bill under the categoy. 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 Bursar's office via e-mail.