There are four main types of financial aid for college (three of which are federal aid):

1. Grants: Grants are given to you by the government (federal or state) or your college and do not have to be paid back. Grants are usually based on the financial need of your family. After you complete the FAFSA, it will be decided if you qualify for federal and state grants. Grants may be offered to students with their financial aid packages (i.e. Pell Grant), or may require a specific application.

• The Oregon Promise is a state grant that helps to cover tuition costs at an Oregon community college. Students must file FAFSA/ORSAA, have a cumulative high school GPA of 2.5 or higher, attend an Oregon community college within 6 months of high school graduation, and complete an application. Students can apply for Oregon Promise here.

2. Loans: Loans are money borrowed that you must payback. Loans can be from the government or from your bank. The type of loan that you take will determine when you have to pay it back and the interest that you will be charged.

• Federal loans: The government also gives loans as financial aid. Federal loans will be offered to students with their financial aid packages.
  • Subsidized loans are based on FAFSA results and are the loans that are the most cost-effective. They need to be paid back, but interest does not begin until after you have left college.
  • Unsubsidized loans are also available and are not based on financial need. Unsubsidized loans begin to collect interest right away, so you can choose to begin to pay interest or delay payments until you graduate.

3. Work-study: Work-study is another option to pay for college. In a work-study program, students work at their college on a part-time basis and the money earned helps pay for their tuition. 

4. Scholarships: Scholarships are awards given to you by your college or other organizations and providers. Scholarships can be based on academic performance, extracurricular performance, participation in organizations, or community involvement. They may be offered one-time, or on a renewable basis.  

• Merit scholarships: awarded to students with a qualifying GPA (often 3.0+), athletic ability, and/or for an accomplishment in something.  Merit scholarships may require an application, or can be automatically awarded by a college/university with a student’s acceptance. 
• Need-based scholarships: awarded according to a student’s financial need, and many require completion of the FAFSA before applying. Many need-based scholarships require an application.
• Other scholarships: awarded for specific achievements (athletic ability, community service, leadership), to specific populations (gender, religious affiliation, ethnicity, etc.) or for specialized skills (art). Most of these scholarships require an application. Athletic scholarships typically require that students connect with coaches and/or register with the NCAA.

Junior year is the ideal time to become familiar with how the financial aid application process works. Juniors, and even younger grade levels, are encouraged to explore the costs of college and to begin having financial conversations with their families. We encourage students and parents to have honest discussions regarding students’ goals, and realistic financial contributions or implications that the cost of college has on your family. We also encourage families to keep an open mind to the possibility of college and to seek our assistance in navigating the options and the processes.

Students can also get a preliminary estimate of their financial aid eligibility by using the FAFSA 4 CASTER tool, which can be helpful as students explore the costs of colleges.

The actual application process for financial aid takes place during senior year, and spans over several months. STEP 1 will be to create an FSA ID, and to gather the necessary household income and tax information. We encourage students to do this very early into the start of senior year, or even earlier.

The Free Application for Federal Student Aid (FAFSA) is available beginning October 1st, and STEP 2 will be for students to submit the FAFSA or ORSAA (Oregon Student Aid Application), but not both. Students are encouraged to fill out their FAFSA as soon as possible after it opens.  Please see the FAFSA & ORSAA section below for more information on the differences between FAFSA and ORSAA.

Once students file FAFSA/ORSAA, they will receive an initial response with a dollar amount that the government estimates is the family’s Expected Family Contribution (EFC) to the cost of college (STEP 3). The EFC dollar amount is calculated by using the family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security). Students are encouraged to save this notification, as it may come in handy when looking for scholarships with financial requirements.

The EFC information will be sent to the colleges that students apply to, as long as students enter the names of the institutions in their FAFSA account. Once accepted to a college, that college will use the student’s FAFSA information to determine the amount and type of financial aid that the college will offer the student, referred to as a financial aid package. Students will typically receive financial aid packages (STEP 4) in the Spring to serve as an aid in deciding what college to attend.

In addition to, or conjunction with FAFSA/ORSAA applications, students can apply for scholarships to get additional money to pay for college, to replace the need for loans, or to take the place of the EFC. Students should NOT wait until receiving their financial aid packages to search for scholarships! Please see the Scholarships subsection of this website for more information and tips on finding scholarships. 

The Free Application for Federal Student Aid (FAFSA) is available beginning October 1st, and seniors are encouraged to fill it out as soon as possible after it opens. This form will require students to enter income for themselves and their family for the prior calendar year. It helps determine if students are eligible for money for college (financial aid). If students are applying to some private colleges, they may need to file a CSS profile as well, which is a second financial aid application required by some colleges. These colleges generally have more financial aid to offer to low- and middle-income students. Students should check directly with the colleges of which they are applying to see if the CSS profile will be required.

Resources:

• FAFSA & ORSAA Frequently Asked Questions
• Oregon Student Aid website: ORSAA application, Oregon Promise application, OSAC application, & some FAFSA info.
• FAFSA website (submit FAFSA)
• CSS Profile website