How Will I Pay for College?

You can afford college. The cost of college can include:

Tuition and fees
Housing and food - Also known as room and board.
Personal expenses (cell phone, laundry, and other regular expenses).
Books and supplies
Transportation
Health insurance- Required by most colleges. Some colleges offer insurance plans of their own.

Colleges post their tuition and fees on their website—the “sticker” price. This can seem like an overwhelming amount! But most students get financial aid. Very few end up paying full price.

Financial aid is money loaned or given to students to help pay for college or other job training or pre-apprenticeship programs.

Financially Inclined published two great podcast episodes about paying for college:

Financial Aid includes:

Loans

Loans are borrowed money and a form of debt - students must pay them back with interest.
Federal Subsidized Loans don't accrue interest until 6 months after graduation. If students choose to take out student loans, these are the best choice.
Federal Unsubsidized Loans accrue interest immediately. These loans are the second best choice.
Students qualify for federally backed student loans through FAFSA/ORSAA.
Examples also include private loans and Parent Plus loans. Students and parents should be careful about taking out Parent Plus loans and private loans.

Grants

Given to students based on financial need.
Free money! Does NOT need to be paid back
Provided by colleges, federal and state governments.
Apply through FAFSA and Oregon Student Aid
Examples include the Pell Grant, Oregon Promise Grant, the Oregon Opportunity Grant, and the Chafee Grant.

Scholarships

Free money! Does NOT need to be paid back
Awarded based on merit and/or financial need. Apply early and often! Check Trivory, this website, and the Demo Memo every week.
Applications vary (university websites, Oregon Student Aid, independent organizations, etc.)
Often requires FAFSA/ORSAA completion to be eligible
Essays are often an important part of scholarship applications. Contact the College and Career Center or check out the Writing the College Essay page for support.

Other Resources

Cash/parent/family contributions
Student employment
Employer Tuition Reimbursement
The Oregon College Savings Plan is the state-sponsored 529 plan that helps you save money for college tax-free.
If you are low-income, you can get your savings matched with extra money for free with an Oregon Individual Development Account.

Federal Work Study

Priority choice of part-time jobs on campus
Students responsible for finding a job that accepts work-study students
Demonstrate interest in being considered for Work Study in FAFSA application
Need-based

Other Ways to Make College Affordable

Do your best in high school.
Take AP and dual credit (college) classes in high school.
Consider WUE schools.
Consider living at home to save on room and board.
Be strategic during the college choice process. See
When in college, work closely with an adviser to graduate with as few classes as possible.
Consider the military.