Penn State Financial Aid
The Pennsylvania State University, also known as PSU or Penn State, is one of the top 15 universities in the US and is the largest public research university in the state of Pennsylvania. The university has a yearly enrollment of over 90,000, making it one of the largest universities nationally on the basis of enrollment. A large percentage of students at the university take advantage of the many Penn State financial aid options.
Types of Penn State Financial Aid Options
The following types of Penn State financial aid are available to students at the university:
- Loans - These are an amount of money that is lent to the students as long as they fulfill certain criteria. The money has to be paid back with interest while the repayment schedule varies according to the type of loan.
- Grants - Grants are money provided to students on the basis of financial need. This money does not need to be paid back and is given by private companies as well as the government and the university’s own financial aid programs.
- Scholarships - Scholarships are another type of Penn State financial aid that does need to be paid back. This is provided to students based on their athletic, extra-curricular or academic performance.
Which Form of Penn State Financial Aid Should You Go For?
If you have displayed outstanding results in your academics or are extremely gifted at sports or an extra-curricular activity, you should apply for a scholarship. You can find out what kinds of scholarships are available from your high school’s counsel office or from the Penn State financial aid.
If you have extreme financial needs, you can apply for a grant. The best way to find out if you are eligible is to fill out a FAFSA (Free Application for Federal Student Aid). Loans can be availed by almost any student as long as they fit the criteria required for the type of loan they are applying for. As loans need to be paid back, they are normally the last option of Penn State financial aid for students.