If it's the same as PRE 11, you can change project settings (set your own) by FILE, New Project, then in the options window, click change settings. Set to what you want, and then check the box marked "force project settings"
In Premiere Elements 11, 12/12.1, and 13/13.1, the program is designed to set the project preset manually based on the properties of the first video dragged to the Timeline. Sometimes it does it correctly, some times not. When not, then you can set the project preset (manually) before you import source media into the project. See File Menu/New/Project and Change Settings. The details for that are:
1. File Menu/New/Project and Change Settings.
2. In Change Settings, select and set the project preset that matches the properties of your source media. OK out of there.
3. In the New Project dialog that opens, change the name of the project and make sure to place a check mark next to "Force Selected Project Settings on This Project". OK out of there.
4. In the workspace, import your source media into the project.
In the above you are not changing the setting of the original project. You are creating a new project and giving it the correct settings.
About Edit Menu/Project Settings/General.....
You cannot make significant changes in the project settings once the project preset is established. Adobe typically says you need to start a new project when you find that your project settings are not correct. But, I have found and described how to do this without starting a new project (applies only to versions of Premiere Elements earlier than 13/13.1). The essentials of the idea involve editing the Notepad document of the saved project file (.prel) that has the wrong project preset.
Please review and consider. If you need input on project and export settings related to your source media, please do not hesitate to ask.