Free Money?!?
Money that does not have to be paid back, need based, awarded based on you or your family’s financial situation.
What is a grant?
Money you borrow from the government or a private company, has to be paid back with interest.
What is a loan?
Money from the government offered to low income students that has to be earned during the course of a job.
What is work study?
This category of costs are non-negotiable charges associated with going to college.
Direct/Inflexible Costs
Money that you do not have to pay back, usually merit based or something you have to apply to.
What is a scholarship?
A non federal loan made by a lender such as a bank, credit union, state agency, or school. Does not have the same flexibility of repayment that a federal loan has.
What is a private loan?
A process some students are selected for to confirm that the data reported on the FAFSA form is accurate. Requires submitting additional documentation.
What is verification?
This category of costs includes things you will have to pay for that don't have a fixed price.
Indirect/flexible costs
Money the government gives out to student's with financial need, maximum amount in the 2018-2019 school year was $6,095.
What is the Pell Grant?
A loan from the government that does not accrue interest while you are in school at least half-time.
What is a Subsidized Stafford Loan?
A state grant that helps to cover tuition costs at any Oregon community college for recent high school graduates that are Oregon residents, deadline is June 1 of your senior year.
What is Oregon Promise?
Any example of a direct cost.
Tuition, fees, room and board if you live on campus, could include health insurance fees if you do not opt out of the school's health insurance.
The measure of a family's financial need and eligibility for financial aid. An index or estimate.
What is EFC (Expected Family Contribution)?
A loan from the government that does accrue interest while you are in school.
What is an Unsubsidized Stafford Loan?
A program that covers the remaining tuition and mandatory fees after financial aid is applied for students going to PSU. Must have a 3.4 cumulative unweighted high school GPA and be eligible to receive a federal Pell Grant.
What is the Four Years Free program?
Any example of an indirect cost.
Transportation, books, personal expenses, etc.
Free money from the government for those with the greatest financial need. Is awarded directly by schools and is only available at certain colleges. Could be between $100 and $4,000 per year.
What is the SEOG (Federal Supplemental Educational Opportunity Grant)?
A federal loan available to the parents of dependent undergraduate students. To be eligible, a parent can’t have an adverse credit history.
What is the Parent PLUS Loan?
This is a figure provide by the college that estimates the total expense of attending college for a year. It usually includes tuition, room and board, books, transportation, and some personal expenses.
What is Cost of Attendance?