I have a 3.4 GPA and got a 30 on my ACT will this be good enough for PSU?
Yes, depending on the major chosen. But with a 3.4 GPA I would also put that you are willing to start in the summer and make sure you apply prior to November 30th. After November 30th it gets more competitive.
What major do you plan to apply to?
Apply dus/summer before November 30, and make sure to take 3-4 years of a foreign language, bio/chem/phys, math through pre-calculus, and as many honors/ap/dual enrolment classes as you can between this summer and senior year. You’ll have questions about each of those, including adding up all your honors /ap/ib/de classes from all high school, with 20 the top goal and the lower the number the lower your odds.
I wish to apply for their business major, I am aware that they have a good business major program
Thing is, Smeal is very competitive to get into, so if you have a lowish GPA you will probably want to apply for DUS (undecided), which accepts more applicants. You can apply to a business major sophomore year from DUS just like you can from Smeal.
You have zero chance of getting into Smeal (something like 90% get rejected). With COE it’s the most selective college, to attempt for 4.0/1400, and even then it’s not certain, so with a 3.4 GPA you risk getting rejected.
In addition DUS changes nothing compared to Smeal: ALL students, regardless of whether they were “admitted for Smeal” or “admitted DUS” take the same classes and have to meet the same obligations in terms of classes and grades. In short, apply DUS, you’ll lose nothing and probably will gain admission to Penn State thanks to it. 
So I should follow the 55% acceptance rate guidelines for going in undecided? Or Is DUS acceptance rate even higher than that?
The 55% rate is an average for all majors. Smeal accepted about 11% last year. With a 3.4 and a 30 ACT, you should get in DUS. I’d even say you are willing to start summer and that increases your chances even more. Nothing is certain, especially with PSU admissions, but the 30 ACT helps you a lot.
- BTW I meant "zero chance" as a freshman. Your odds are the same as anyone for entering Smeal as a junior.
Btw, does anyone know the PSU summer acceptance rate?