A joint investigation found the university potentially made false claims to receive grant money and contracts.
Approximately $27.5 million will be distributed to students in need to help cover emergency expenses.
The board also announced Jay Paterno, Alice Pope, and Anthony Lubrano were elected to serve three-year terms beginning July 1.
Lowered summer session tuition rates will be voted on by the full board Friday.
"Your deep commitment to that fundamental human purpose is how the Penn State Class of 2020 will always be remembered. We will see each other again in the future, and at that time, we will celebrate."
The student believes he and other students were deprived of the benefits of in-person instruction and the true college experience following Penn State's closure.