Penn State spokesman Tysen Kendig said Penn State enrolls 727 students from the areas affected by the tsunamis, including 630 from India, 60 from Thailand, 21 from Indonesia and 16 from Sri Lanka.
Students in financial turmoil can apply for interest-free loans from The Office of Student Aid, available on a one-time basis to cover tuition costs, short-term living expenses, or the cost of traveling back to affected areas, Davis said.
On Wednesday, Penn State will observe a day of mourning for victims of the tragic event.
The day's events include a vigil at 12:15 p.m. on the steps of Old Main, donation and information tables manned by student groups at the HUB-Robeson Center, and candle-lighting and prayer at Pasquerilla Spiritual Center.
The vigil will include four speakers and a moment of silence, followed by a procession to the HUB.
For students who may wish to write their thoughts down, an open reflection board will be available at the spiritual center.
Davis said she thinks there will be a wide response from the Penn State community in participating in Wednesday's events.
"It's a wonderful phenomenon at PSU [that] every office is interested in helping and everyone is very much concerned and interested and eager to help," she said.
The Center for Counseling and Psychological Services (CAPS) will offer counseling for those who need help dealing with the tragedy.
CAPS spokeswoman Mary Anne Knapp said special counseling is offered whenever there is a disaster that affects a large number of students, but this particular tragedy makes it difficult to determine the number of people affected.
"It's really hard to tell because we don't know if they were close by or had relatives impacted personally," she said.
Knapp added that CAPS faced the same dilemma after the Sept. 11, 2001 attacks.
Some cultural student groups representing areas affected by the tsunamis are also contributing to the relief efforts.
Indonesian Student Association President Stephen Santoso said the organization will set up a donation table Wednesday at the HUB.
He said that although most members are not from areas hit by the tsunamis, they are still deeply concerned with the damage done.
"It's devastating ... It looks like Ground Zero now," he said. "Over 100,000 people from Indonesia are dead."
Thai Student Association President Ponkamon Aumpansub said her organization would donate proceeds from the Feb. 19 Thai Night, its biggest annual event, to benefit tsunami victims in Thailand.
Davis said the university plans to make ongoing efforts to remember the tragedy, such as through a speaker series.
"My goal for any type of disaster ... is that it's not forgotten," she said.