When football season starts at Penn State this fall, there will be a lot of new older faces in the stands.

Penn State University (search) leases 80 acres to an on-campus retirement community, which uses the Penn State name and logo.

Retired alumni, ex-faculty and anyone who wants to maintain ties to their favorite college can re-live their collegiate glory days by attending classes, sporting events — even frat parties.

“You can be as busy as you want to be,” said Nancy Harlow, a resident at the Penn State retirement community.

“I taught full time last spring, I taught four courses and I'm going to be teaching one in the spring and I'm sitting in on one in the fall,” said Helen Manfull, another resident of the community.

Schools like Penn State hope to eventually turn a profit from rent and marketing fees.

"The university has no direct financial interest except in so far as it's successful, we would receive a licensing fee and some share of the profits," said Penn State University president Graham Spanier (search).

About 50 other schools nationwide are currently doing the same as Penn State, with another 30 of these campus retirement communities under construction.

And there's an added bonus for younger Penn State students who get a little life-lesson from their elders.

“They learn that old people are not one foot in the grave and are very active and very alive,” said Manfull.

Click in the box near the top of the story to watch a report by FOX News’ Alisyn Camerota.