Penn State Athletics said the sale will begin "at a date to be determined in the 2022 season."
Kraut previously spent eight years at The Lawrenceville School in New Jersey where he served as medical director and senior administrator.
President Bendapudi will host a virtual town hall at 11 a.m. on Wednesday, September 14, for students and families.
The student was charged with a first-degree misdemeanor for terroristic threats causing serious public inconvenience.
Sara F. Thorndike and her husband, Phil, have created a $100,000 endowed scholarship for undergraduate students across the university.