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Financial Aid Question and Answers

Financial Aid Question and Answers

Should I wait until I’m admitted to Penn State before I apply for financial aid?
No—you can complete your FAFSA any time after January 1 if you are applying for admission for the fall term. Once you have been admitted, Penn State will download your FAFSA and notify you of your financial aid eligibility.

Do I have to be a full-time student to receive financial aid?
No—most forms of financial aid are available if you are enrolled at least half-time (6 credits) each semester. 

I’ve applied for financial aid.  How long do I have to wait until I’m notified of my eligibility?
The Office of Student Aid begins notifying students of their financial aid eligibility as early as March for the upcoming fall term. If you are a new student applying for the spring semester, you should receive notification approximately three weeks after your FAFSA has been submitted. Summer semester awarding begins in April.

What if I’m not going to have my income tax information completed until late in the spring?  Do I need to wait until my taxes are done before I can complete the FAFSA?
You can either wait until your taxes are filed or you can estimate your income information on the FAFSA.  We recommend estimating if you are concerned about missing the priority FAFSA deadline (March 1).

What if I make too much money and I know I won’t qualify for anything?  Why should I bother?
If you are concerned about paying for college, you can apply for student aid and potentially qualify for low-interest student loans which are not need-based.  These loans do not require repayment while students are enrolled at least half-time (6 credits) at Penn State.

What is Penn State’s School Code for the FAFSA?
Penn State’s Title IV School Code is 003329.

What if I have already filed the FAFSA for another school and want to transfer my information to Penn State?
You should log into your FAFSA and make a correction; you do not need to complete a new FAFSA.  Make the correction by going to the school information section and adding Penn State’s School Code (003329).  Ensure that you have successfully submitted the correction by reviewing your confirmation page.  Penn State will receive your FAFSA information within a week.

How often do I need to complete a FAFSA?
You should file the FAFSA once per year. We recommend filing the FAFSA prior to February 15.