Grants are awarded to students with financial need. They don't have to be repaid. Loans must be repaid with interest, but most do not require payment of the principal or interest until graduation. There are three federal loan programs. Students receive a biweekly paycheck for working for the university.
Scholarships consider all students automatically without an application.
Fifty percent are need-based. Penn State makes student aid awards beginning each March prior to fall enrollment. The first step is to identify your needs and what you will use your checking account for. Once you determine your habits and priorities, you can begin to shop around for an account that fits your needs. Do not rely on the balances that ATM machines give you on the receipt.