Penn State University is an excellent state university, which the main campus is located in State College, Pennsylvania. It was founded in 1855, and since then, has educated thousands of students in and out of Pennsylvania. These alumni include Paul Berg, who received the Nobel Prize in Chemistry; Joel Myers, who started the Accuweather; and Lyonpo Thinley, the Prime Minister of Bhutan.
As you can see from these alumni, the education system at Penn State is excellent. Students who succeed in their rigorous programs are prepared for the job market. This is the reason why many students want to join Penn State. To help you with that goal, this article will discuss the various Penn State scholarships and financial aid available to prospective students.
Oftentimes, students will get accepted to Penn State but don’t have the funds available to make studying there a possibility. However, if you plan ahead, you should be able to acquire enough scholarships so that you can attend this excellent university. However so that you can have many options, I highly suggest that you apply to many different universities.
Cost of Attendance at Penn State
Before getting any scholarships at Penn State, the annual tuition fee for in-state students is approximately $18,000 and the additional cost is approximately $15,000. This makes the cost of attending Penn State to be about $33,000 a year for in-state students. For out-of-state students, this cost is estimated to be around $50,000 a year.
However, this university helps students to attend by giving out generous Penn State Scholarships. So, let’s take a look at the various options that you have available.
Penn State Scholarships
There are a variety of scholarships that are available at Penn State. Many of these awards are smaller value, but some are very prestigious awards.
1. Millennium Scholars Program
This program is the most prestigious award that is available for incoming freshmen who are interested in studying STEM. The maximum scholarship award is full tuition for out-of-state students and full tuition, room, and board for in-state students. This scholarship is renewable for all four years if the scholarships meet the renewability requirements.
You do need to fill out additional scholarship application such as supplementary essays, interviews, etc. To learn about the application process, visit the Millenium Scholars Program Page.
2. Provost’s Award
This is the next competitive scholarships that is offered at Penn State. Provost’s Award is awarded to top 15% of the students that apply to the university. They are selected based on academic merit, background, and leadership capabilities. This scholarship is renewable if certain conditions are met.
You do not need to submit a separate application to be eligible. You just need to file your application to be automatically considered.
There are other smaller scholarships than those mentioned above. If you are interested, visit Penn State Scholarships Page.
3. Scholarships that Need Separate Applications
There are several scholarships that need a separate application for you to be eligible. Many of these have very specific requirements, so make sure to read carefully. The advantage of having specific requirements is that if you are eligible, you will have a much better chance of receiving the scholarship than general ones where everyone qualifies. So, it would not hurt to glance at the list of scholarships here.
I hope that this list of Penn State scholarships helped. You should be aware that scholarships is not a huge part of the financial assistance at Penn State. But if you do get high-value scholarships, it can cover tuition, room, and board.
Penn State Financial Aid
Three main types of financial aid other than scholarships are grants, loans, and work-study. Over 70% of undergraduate students receive financial assistance. However, it is important to note that most of the aid is in the form of loans, which needs to be repaid. The good news is that most of these loans are subsidized, which means you don’t pay interest until after you graduate. The following is the detailed breakdown of financial aid:
- Loans – 62%
- Grants – 25%
- Scholarships – 12.5%
- Work Study – 0.5%
The next on the list is grants, which is money that does not need to be repaid. So, if your financial aid consists mostly of scholarships and grants, that is good news for you.
In total, the University awarded over $990 million in financial aid to its students last year. So, the good news is that there is much financial aid available, but the bad news is that the financial aid consists mostly of loans.
If you are interested in learning more, visit the Financial Aid Page!
How to Apply to Scholarships and Financial Aid
Now that you’ve seen what financial options are available, let’s talk about how to appy! To apply for scholarships and financial aid, you will need to submit your FAFSA by December 1. This is the priority filing date, so if you submit by this date, you will be considered for all of the awards.
Please note that the Millennium Scholars Program has a separate application that you need to submit. Other than this scholarship, you just need to submit your admission application and FAFSA to be eligible.
If you want to see how much you would be paying before you apply, you can use the Price Calculator. In this form, you will be asked to provide basic financial information such as parent’s income, assets, savings, etc. After you have done that, this calculator will give you an estimation of the scholarships, grants, loans, and work-study that you will receive. However, please note that this is only an estimation, and your actual financial aid might differ greatly.
I hope that this article on Penn State scholarships and financial aid was helpful. If you are from Pennsylvania, I highly suggest that you take a look at universities in Pennsylvania University Scholarships Category. If you are not, you should visit the Authority Scholarship Website and look at the universities in your state. Please keep in mind that universities in your state of residency are most likely to be the most affordable.