Published 7:00 am Thursday, May 2, 2024
Many people believe that some type of education after high school is worth it — whether it is a certificate, or other short term training program, or 2-year or 4-year degree.
People with college degrees earn more money over their lifetime, when compared with those that do not have a degree.
Studies show that people with college degrees are healthier, have lower unemployment rates and are more involved in their communities.
That being said, college costs money. Many students and families are left wondering how they will pay for college, especially as tuition continues to rise.
In this article, we’ll explore strategies and resources for students and families to help ease the financial burden of college.
You can afford college.
Before diving into how to pay for college, it’s important to know what we mean by college expenses.
College expenses can include tuition and fees, housing, transportation, parking permits, healthcare, books and supplies … the list goes on. These fees can add up quickly and costs vary depending on the type of school — whether it’s a community college, state university, or private college. Researching the specific expenses associated with your school option is the first step in developing a plan to pay for college.
Fortunately, numerous financial aid resources are available to Oregon students. The Free Application for Federal Student Aid (FAFSA) is a critical tool in determining eligibility for federal grants, loans, and work-study programs and is the one source of financial aid that most people are familiar with.
Oregon also has the Oregon Student Aid Application (ORSAA).
This application is for eligible undocumented students that cannot fill out the FAFSA.
Students that fill out the FAFSA or ORSAA are also eligible for state grants like the Oregon Opportunity Grant, which provides need-based assistance to eligible residents and the Oregon Promise Grant, which helps cover tuition at Oregon community colleges.
Scholarships and grants offer an excellent opportunity to offset college expenses and you don’t have to pay them back! Scholarships can be found in a lot of different places-they can be offered by colleges, community groups, businesses, and other organizations. Scholarships are often given for special skills and talents, good grades, as well as for other personal characteristics.
You can visit the Oregon Goes To College website to view some of the many scholarships available to students at:
https://oregongoestocollege.org/pay/scholarships
Grants are typically given by the federal or state government, or colleges. In Oregon, the Office of Student Access and Completion (OSAC) administers a wide range of scholarships and grants specifically tailored to Oregon residents.
Students should also check with their college or university more information on their scholarship processes.
Work-study programs provide students with the opportunity to earn money while gaining valuable work experience on a college campus. These programs are typically subsidized by the federal government and are available to students with financial need. Participating in a work-study program can help cover personal expenses and reduce reliance on student loans.
While student loans can be a valuable (and needed) resource for funding education, it’s important to approach borrowing wisely. Federal student loans often offer lower interest rates and more flexible repayment options compared to private loans. Before taking out any loans, carefully consider the long-term financial implications and explore alternatives to minimize debt. If you need to take out a loan, only borrow what you need.
Many families in invest in college savings plans, such as the Oregon College Savings Plan (OCSP). These tax-advantaged accounts allow families to save for education expenses over time, providing a valuable resource for covering tuition, room and board, and other college-related costs.
Navigating the financial aspects of college can be overwhelming, but there are financial aid options for everyone. For high school seniors and their families in Oregon, understanding the full range of financial aid options is an essential steps in creating a plan for paying for college. By being proactive, students can pursue their academic goals with confidence and embark on a path to a brighter future.
For more information on paying for college, visit the Oregon Goes To College website: https://oregongoestocollege.org/pay/how.
