Financial aid can be defined as any resource that supplements what parents and students are expected to contribute to meet the costs of a college education. This assistance, determined primarily by need, is comprised of federal and state grants, student loans, academic scholarships, and work study. Up to 85% of Penn State New Kensington students receive some form of financial aid, and 1 in 3 Penn State New Kensington students receive a Penn State scholarship.
The different types of financial aid are detailed below:
Grants
Grants are awarded based solely on financial need and have no requirements of repayment. They may come from the federal government, the state, or the University.
Penn State's Office of Human Resources also offers a child care subsidy program for qualifying low-income undergraduate student parents enrolled in a degree program.
Scholarships
Scholarships are awarded from within the University as well as from private foundations outside of the University. Many are based on academic achievement, while others have the additional criterion of financial need. There is no requirement of repayment. At Penn State New Kensington, your application for admission is your application to be considered for Univeristy-related scholarships. All admitted students are considered; there is no separate application for the scholarships offered.
Loans
Loans are sources of aid that must be repaid after a student leaves Penn State or drops below half-time attendance. Interest rates and repayment schedules vary depending on the type of loan.
Federal Direct Loans--A federal Direct Loan is a federal student loan made directly by the U.S. Department of Education. To qualify, you have to apply by filling out the FAFSA.
- How to Accept, Decline, or Decrease your Financial Aid once you've been awarded.
Federal Direct Parent PLUS Loan--The Direct Parent PLUS loan is a federal loan available to the parents of dependent undergraduate students.
Alternative Education Loans--Private alternative loans are managed through private lenders, are issued in the student’s name, and require a cosigner.
Federal Work-Study
Work-study is awarded through a student's FAFSA based upon the financial need of the student. Students can earn money through an on-campus job towards their school expenses. Work-study earnings are not applied directly to the semester bill, but instead students receive a pay check for hours worked.