Nassib received the award Sunday night during a banquet at the Pacific Club in Newport Beach.
The former walk-on led the nation in sacks and recently won the Lombardi Award. He will graduate from Penn State in 3 1/2 years with a biology degree.
UCLA's Eric Kendricks won the Lott award last year.
The award is named for Hall of Fame defensive back Ronnie Lott and goes to a player with strong academic work, community involvement and team leadership.
Penn State will receive $25,000 for its general scholarship fund.