Understanding your Estimated Financial Aid Budget

Understanding your Estimated Financial Aid Budget

The Estimated Financial Aid Budget provides a breakdown of all expenses to attend Penn State. View your Estimated Financial Aid Budget by clicking on the "Financial Aid Budget" link in your Award Summary in LionPATH.

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View estimated costs (click to enlarge)

 

Estimated Billable and Non-Billable Expenses

Estimated billable educational expenses for your first year at Penn State include tuition, fees as well as housing and food if you are living on campus. These expenses are based on full-time enrollment, the campus you will attend, your living arrangements, and whether you are an in-state or out-of-state student.

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Financial aid budget (click to enlarge)

You will also need to account for estimated non-billable expenses such as books and supplies, transportation, and miscellaneous expenses like laundry and personal care items. If you live off campus, an allowance will be provided for food and housing.

Final tuition and fees are set annually in July by the Penn State Board of Trustees.

 

Financial Planning

When making the decision of whether or not you will attend Penn State, it is important to determine how you will pay for your education costs not only for the first year, but for all four years, by looking at both the billable and non-billable educational expenses you will incur.

You can control the non-billable expenses to some degree by making smart spending choices. You will be more likely to succeed at Penn State if you are well prepared, both financially and academically.

Using your Award Summary, subtract the estimated amount of student aid from your estimated costs to calculate the amount you can expect to pay—consider your cost of attendance, including billable and non-billable expenses.

The shopping sheet, a standardized award letter designed by the federal government, is also available for your use when comparing financial aid packages and costs between universities. If you are admitted for summer, you should note that your summer costs and aid are included on your Award Summary, but they are not included on your shopping sheet.

Know your rights and responsibilities. As a student financial aid recipient, it is your responsibility to know and comply with the rules governing the aid you receive. Be sure to read your rights and responsibilities and maintain satisfactory academic progress to remain eligible for aid.

Monitor your Penn State email account. Most communications from the University will be sent only to your Penn State email account.