Penn State's academic and athletic programs are nationally renowned, and when you add in the intense school spirit on campus, it becomes almost impossible not to get caught up in everything Penn State has to offer. Penn State proudly stands out as a Public Ivy, and as one of the top 15 public universities in the country. PSU's athletic programs are just as robust as their academic ones, and the Nittany Lions are worth bragging about: they've won 40 NCAA championships, tying for seventh all-time. Penn State is a great place to be, but affording it can be tricky, as PSU is number 1 in a not-so-great category: it's the most expensive public university in the country for in-state students, and is pretty hefty for out-of-state students as well.
In addition to all the usual budget items, like room and board, textbooks, and possibly travel expenses, there's some other stuff to consider when making your budget for Penn State. Football and basketball are popular, so save up for student tickets. Packages will run you about $200 for football, and $59 for basketball. Saturdays are made for tailgating; so factor in beers and brats when making your budget. Clubs, social organizations, and Greek life are all popular on campus, so be sure to set aside some money for dues or fees -- some clubs might not charge anything, and some frats/sororities can charge several hundred dollars, so put at least $200 aside, just to be safe.
When evaluating students for financial aid awards, Penn State's financial aid office takes into consideration income, family status, the cost of attendance, and the student's/family's earning capacity. As a result, a majority of the student body (73% in 2010-2011) qualifies for some financial aid. Penn State Financial Aid decisions are made upon admission, and students re-apply every year. When re-applying or appealing an aid package, Penn State considers change in a family's financial status, as well as changing costs associated with attending Penn State.
Applying for Penn State Financial Aid is easy, we promise. Before submitting any applications, talk to the Penn State Financial aid office and ask about any grants and/or scholarships you might be eligible for, and whether you will need loans to cover the cost of attending PSU. After that, file the Free Application for Federal Student Aid (FAFSA), which will determine your eligibility for aid. Once you submit this form, your application process will be complete, and you will receive a financial aid package some time thereafter.
Most students who receive Penn State Financial Aid will be offered federal student loans in their financial aid package, and will be encouraged to work on campus to contribute to their education. Students who need student loans should exhaust all federal aid options as their first source of funding, and then pursue private student loans as a final option. To find, compare, and apply for private student loans for Penn State, check out SimpleTuition's Student Loan Comparison tool.