Financial aid is the umbrella term for money to help pay for college. Financial aid includes grants, scholarships, loans, etc. Most students pay for college in a variety of ways, with various types of financial aid. There is need-based financial aid (what the family can contribute to college costs as determined by FAFSA or ORSAA) and merit-based financial aid (based on achievement in academics, leadership, or other areas).
It is important for ALL students to file FAFSA or ORSAA (choose the application you are eligible for) regardless of their family's financial situation or immigration status. Undocumented and DACA-mented students, adult learners and veterans have special considerations when applying for financial aid and paying for college.
Free money!
Usually from state or federal government
Does NOT need to be paid back
Apply through FAFSA/ORSAA and Oregon Student Aid
Usually need-based
Free money!
Often from the university you apply to or an outside organization
Does NOT need to be paid back
Applications vary (university websites, Oregon Student Aid, other organizations, etc.)
Need-based or merit-based
Often requires FAFSA/ORSAA completion to be eligible
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
Need-based
Borrowed money/must be paid back
Subsidized Loans don't accrue interest until 6 months after graduation
Unsubsidized Loans accrue interest immediately
Apply through FAFSA/ORSAA