6 Ways to Pay for College
You can afford college. Most students pay for college using a combination of ways:
It’s never too early or late to start saving money for college. There are many types of college savings accounts including 529 plans that are not taxed. Some students may be eligible for an Individual Development Account, which matches all savings in order to earn extra money for college. Discuss options with a bank or financial institution.
Grants are money from the state government, federal government or the college that does not need to be paid back and is based on a student's need. Students attending Oregon colleges may be eligible for the Oregon Opportunity Grant or Oregon Promise.
Scholarships are given by colleges or organizations for good grades, community service, athletic ability, or other unique personal qualities. There are countless scholarships available for students of all ages; set aside time each week to work on applications. Oregon students should complete the OSAC Scholarship Application which has over 500 scholarships with just one form.
Loans are money for college that must be paid back. In general, loans made by the federal government are better than loans from banks or other private sources since they usually have lower interest rates and more flexible repayment options. Only borrow what you need!
❺ Work-Study or Job
Work-study positions are part-time jobs, often on campus, to help pay for college costs. Many students also work part-time or full-time jobs during the summer or school year to help pay for college.
❻ Other Resources
Students may also use other resources to pay for college including money from parents or family. Some students may consider an apprenticeship, which helps pay for school and on-the-job training for specific trades, or the Military to help pay for college.