It’s never too early to make a plan to pay for postsecondary schools or training! The process of understanding, researching, and finding the right options takes time and should optimally begin early in high school. No matter what grade you are in, it is best to be informed so you can plan accordingly and maximize your options.

1. Figure out your Student Aid Index (SAI) to know what you/your family will be expected to pay annually so you can plan and save accordingly.

   • The SAI determines if a student qualifies for federal and state financial aid.

   • Institutions (colleges and programs) use the SAI for their aid decisions, but not all colleges meet the full financial need.

   • Families need to know their SAI so they can plan to save, figure out how to maximize their aid, and be ready to take out loans or make other plans (such as student living at home).

   • Your SAI will be calculated after you complete the FAFSA, but you can get an estimate using the Big Future Federal Student Aid Estimator.

2. Estimate Your Cost of Attendance (COA)

   • Once you calculate your SAI, look at a few two and four-year colleges or technical certification programs to see what their complete costs are (i.e. tuition, fees, room, board, etc). For example, look at UO, OSU or PSU, PCC, and few private schools such as Lewis & Clark or the University of Portland.

3. Determine your Financial Need

   • Subtract your SAI from the total cost to attend school annually (COA) to determine your financial need. 

   • [COA-SAI=Financial Need]

   • Schools usually do not meet 100% of your financial need, so there is often a financial gap that will need to be filled. A general guideline is that student debt should not exceed the student’s expected gross income in the first year after graduation.

   • The sooner you assess your need, the sooner you can strategize to maximize the aid your student can get.

4. Understand Ways to Save for College

   • To cover the SAI and decrease financial need, understand the most effective ways to save for college.

   • Consider which accounts to use to save money. When calculating financial aid in 2013, the government and colleges assume that about 20-25% of the student’s assets (i.e. money and property) will be used for college, and about 5% of the parents'/guardians' assets will be used.

   • Understand that your SAI is based more on family income (47%) than assets (only 5%).

   • Neither the federal government nor most colleges count parents'/guardians' retirement accounts toward paying for college.

   • 529s are considered a parents'/guardians' asset by the federal government and most colleges so they are sound ways to save for college.

   • FAFSA (Free Application for Federal Student Aid) will determine need-based on the income of the custodial parent/guardian.

   • Private schools that use CSS PROFILE for their methodology may also consider the assets of the non-custodial parent/guardian.

5. Maximize Your Financial Aid

   • Research financial aid early, so you have time to find and apply to options that are right for you.

   • Keep your grades up and develop good test-taking skills. Merit-based awards and scholarships have minimum GPAs and ACT/SAT scores.

   • Advanced Placement (AP), International Baccalaureate (IB), and dual credit classes provide opportunities for you to earn college credits and save money.

   • Research scholarships based on your talents and interests.

   • Consider which organizations or entities provide the aid, so you can prioritize your applications.

   • The federal government provides most of the financial aid nationwide, followed by institutions (colleges, universities, or programs), and then state and private sources.

6. Understand the Main Sources of Aid

   • Grants and scholarships do not have to be repaid. Grants are often need-based, and scholarships have a wide range of criteria. Consider the primary sources for grants and scholarships.

     • Federal government provides 44%

     • Institutions (colleges, universities, and programs) provide 36%

     • State governments provide 9%

     • Private scholarships account for 6%

   • Work-study programs provide students with campus jobs as part of their financial aid package or provide on-the-job training which offsets the cost of the program.

   • Loans need to be repaid with interest.

In September, you need to get your FAFSA ID (FSA ID). Your family will do this 2 times, once for the student with the student's non-PPS email address and once for a parent/guardian with their email address. This ID will be necessary for e-signatures, to check filing status, and to make changes to your FAFSA. 

Both the student and a parent need an FSA ID - be sure to make a note of the email address and password you each chose, as you will need them to complete the FAFSA for each year you are in college. 

• • The FAFSA is available beginning on October 1 for the following school year  

  • Some financial aid is first-come, first-served, so fill it out AS SOON AS YOU CAN  

FAFSA

• • How to fill out your FAFSA (YouTube video)

  • Signing your FAFSA electronically (English)/ (Spanish)

  • FAFSA Verification (YouTube video)

  • Who's considered your "parent" for the FAFSA?

  • How to fill out parent information

  • Am I a "dependent" or "independent" student for the FAFSA?

ORSAA

• • Deferred Action for Childhood Arrivals (DACA)

  • Undocumented Students in Oregon (English)

  • Undocumented Students in Oregon (Spanish)

OSAC (Oregon Student Assistance Commission) provides over $118 million in grants and scholarships to thousands of Oregonians each year to help offset the costs of vocational, two-year college, four-year college, and graduate programs.

OSAC programs include:

• Oregon Promise is a state grant that helps to cover tuition costs at any Oregon Community college for recent high school graduates and GED test graduates.

• The Oregon Opportunity Grant helps Oregonians based on financial need (including US citizens, eligible non-citizens, and members of Native American trips with ties to Oregon).

• The Chafee Grant helps current and former foster care youth to pay for postsecondary education and training.

• The Childcare Grant helps students with children or legal dependents pay for childcare while the student is enrolled in postsecondary education or training.

• Scholarships are available for a wide range of criteria. OSAC administers many private scholarships from organizations such as labor unions, Oregon businesses, and individuals. Also, many high school-specific scholarships are administered through OSAC.

For help applying, speak to your school counselor and review application information on the OSAC site.

Additional Search Resources: 

Oregon Goes to College Scholarship List 

GetSchooled Scholarship Finder

Oregon CIS (Career Information System) is an excellent resource for career exploration, as well as financial aid and scholarships. Students do not need a password to log in. From the main page, you can select High School -> Explore Resources -> Education & Training -> Scholarship List. You can create a personalized profile to save your search. 

The Western Undergraduate Exchange (WUE) is an agreement among the Western Interstate Commission for Higher Education's (WICHE) 16 member states and territories, through which 160+ participating public colleges and universities provide steep nonresident tuition savings for Western students.

Through WUE, eligible students can choose from hundreds of undergraduate programs outside their home state, and pay no more than 150 percent of that institution’s resident tuition rate. 

Since full nonresident college tuition rates may exceed 300 percent of resident rates, WUE increases affordable higher-education choices for students and minimizes the adverse impacts of student loan debt.

 You can learn more about WUE: https://www.wiche.edu/tuition-savings/wue/for-students/

Some colleges require that you also complete the CSS/Financial Aid PROFILE. Typically,  you must complete this very detailed profile of your financial situation before the priority deadline for colleges. 

Here is a list of schools that require the CSS profile. 

NOTE: Early Decision/Early Action schools often require the CSS Profile at the same time as the application deadline, usually mid-November.

Almost 36% of student financial aid comes from colleges, universities, and programs that offer a variety of need-based grants and merit-based scholarships that students do not have to repay. Search for opportunities and application guidelines on the college or institution websites. 

Note that many institutional scholarships have application deadlines prior to January 1 of senior year. 

• Most institutional aid money is only for incoming freshmen and not available to transfer students. 

• Check if the award/grant/scholarship/loan package is for one year or renewable, and what students need to do to renew it each year, (i.e., maintaining a minimum GPA or full-time student status). 

• Generally, your college gives you an aid package that is a 4-year plan, but recognize that tuition, fees, and other costs tend to increase annually. Speak with your school counselor about questions and guidance on which options meet your needs. 

• Merit-based awards and scholarships have minimum GPAs and ACT/SAT scores, which are often posted on the colleges websites. Currently, there are 22 times more merit aid scholarships being awarded than athletic scholarships. 

• Institutional financial aid is determined either by information submitted in the FAFSA or the CSS PROFILE. Most public schools use the FAFSA while the CSS PROFILE is used by many private schools and a few public schools. The CSS PROFILE is the College Board's online financial application that collects information used by almost 400 colleges and scholarship programs to award financial aid from sources outside of the federal government.

Private scholarships are offered by organizations and individuals. They are also called “outside scholarships" because they are not offered through the school. These scholarships vary quite a bit with a range of eligibility, funding, and application criteria. Because of the wide range of available options, researching scholarships that meet your needs is important. For example, some private scholarships are available for students interested in science, technology, engineering, and mathematics (STEM) fields. Speak to your school counselors and research opportunities to find scholarships that are right for you.

Statistics show that students have the best chance of receiving scholarships that require an essay as part of the application or those that are local and have more locally targeted qualifications.

The College Coordinator and your counselor will be sharing additional scholarships with you via email throughout the year. 

There are a number of resources for finding private scholarships, including:

• Oregon Goes to College

• Oregon CIS

• Fastweb 

• Big Future 

• Scholarships360 

• Access Scholarships 

• Scholarships.com

Note whether the scholarship is for one year or renewable. If it is renewable, understand what students need to do to renew it each year (i.e., minimum GPAs or full-time student status.) If you have received federal or school-based financial aid, consider that students must report these “outside scholarships” to the college’s financial aid department. Schools sometimes elect to reduce their financial award package, although many schools will work with the student to minimize this.

Some “outside scholarships” come with non-monetary perks, such as mentoring, leadership development, summer employment, and networking opportunities.

Beware of scholarship scams. As a general rule, you should not have to pay money to get a scholarship or for a scholarship search.

A student’s financial aid package may include grants, scholarships, federal loans, and state loans but can still have a financial gap that needs to be filled to pay for education.

(cost of attending college) minus (financial aid money + savings) = financial gap

Private loans can be obtained through the private market, which will consider your credit scores and may require parents to co-sign on the loans.

Home Equity Loans:  For families with equity in their homes, the home equity line of credit may offer interest rates lower than bank loans and the interest is tax-deductible.

Private College Loans: Unlike federal loans, the interest rates on these loans are often variable. This means that the interest rate charged on the outstanding balance will vary as market interest rates change. As a result, your payments will vary as well.

Oftentimes, smaller private lenders, such as credit unions, have better interest rates, but they can be harder to find. Use these sites to search for private loans. 

• Student Loan Marketplace

• Credit Union Student Choice

• CUStudentLoans.org

• iHelp Loans

Additional Financial Resources:

• LendEdu

• Discover Student Loans

• Wells Fargo Student Loans