Updated
Jun 02, 2021 On average, Oregon students are leaving the hallowed halls of higher education with about $27,500 worth of school debt, ranking them 22nd in the nation for student loan debt. As the numbers would dictate, financial aid is often necessary for those who want to attend college, but the right kind of aid can help you minimize your overall debt obligation.
Fortunately, Oregon residents also have access to numerous need-based grants and over $18 million in scholarship money. And, for students who do need to take out a loan, there are some state-based lenders that can help.
On this page:
- Getting Financial Aid for College
- State-Based Student Loans in Oregon
- Oregon College Scholarships
- Oregon Grants for College
Getting Financial Aid for College
The key to getting the right financial aid is starting early and making sure you diligently review all possible options. It can be an overwhelming task, but these steps can help simplify the process.
- Fill out the Free Application for Federal Student Aid (FAFSA) or, if you’re a DACA or TPS student, fill out the Oregon Student Aid Application (ORSAA).
- Determine how much financial aid you’ll need by adding together all costs (e.g., tuition, fees, books, room and board, etc.) and subtracting the total from your available funds (e.g., savings, income, etc.). The resulting number—which will likely be negative—will represent the amount of financial aid you need to secure.
- Before applying or accepting loans, identify any scholarships or grants for which you may be eligible. The best place for Oregon students to obtain this information is the Office of Student Access and Completion, which has a comprehensive list of state grants and a robust database of scholarships. However, you can also consult online databases, your high school guidance office, or the financial aid department at your college.
State-Based Student Loans in Oregon
Today, most students need to take out at least one student loan to finance all or part of their tuition and educational expenses. This often includes applying for federal and private student loans as well as state-based student loans, where available. At this time, Oregon does not fund state-based student loans, though they do have an extensive grant and scholarship collection.
If you’re an Oregon resident and are considering taking out a private loan to pay for your education, you may want to consider the following:
Oregon Community Credit Union (OCCU) – Student Loan
Amount: $15,000 annual/$50,000 maximum.
Rates & Terms:
- Variable rates from 4.99% to 10.74%
- Fixed rates from 7.74% to 12.74%
- .25% rate reduction for auto pay
- Repayment terms up to 10 years.
- No origination fees or prepayment penalties.
Eligibility Requirements: To be eligible for this loan, you need to be an OCCU member (or become one) and must be enrolled at least half-time in an accredited school. You will also need eight years of credit history, a credit score of 720 or higher, at least $40,000 annual income, and a debt-to-income ratio no higher than 35%; however, borrowers who don’t meet these requirements can add a cosigner to the application.
Benefits: OCCU student loans have competitive rates when compared with many national lenders. Additionally, OCCU is very transparent about the requirements, rates, and terms and is one of the few lenders that specifically push students towards FAFSA and scholarships before applying for a loan— putting the student before profits.
Website: https://www.myoccu.org/
Unitus Community Credit Union – Student Line of Credit
Amount: $1,000 to $75,000
Rates & Terms:
- Variable rates between 7.24% and 9.24%
- .25% rate reduction for auto pay
- A 20-year repayment plan for loans under $40,000; 25 years for loans over that amount.
- No origination fees or prepayment penalties
Eligibility Requirements: To qualify for this loan you must be a member of the Unitus Credit Union (or become one at the time of application) who is enrolled in a degree-granting program at least half-time at an approved school. Finally, you must meet the credit, income, and debt requirements as specified by the credit union; however, you can add a cosigner if necessary.
Benefits: While many students choose to take out private student loans, the Unitus line of credit is a unique option that eliminates the need to apply for private funding each year. In addition, some students may prefer working directly with a not-for-profit credit union as opposed to a national bank or loan servicer.
Website: http://unitusccu.studentchoice.org/
Oregon College Scholarships
Scholarships provide financial assistance without adding to your total debt obligation, and therefore, it’s a good idea to spend time searching and applying for scholarships for which you may be eligible. There are a variety of sources, including numerous online databases, your high school guidance office, or the college or university’s financial aid department.
However, Oregon residents should make it a priority to visit the Office of Student Access and Completion (OSAC), which provides information on over 600 scholarships with a combined value of over $18 million. Until then, here are a few Oregon scholarships you may want to consider:
Ford Scholars Program
Amount: Up to $40,000 a year
Deadline: March 1
Eligibility Requirements: This is a need-based scholarship, so you must complete the FAFSA or ORSAA (for undocumented students) and have an EFC that does not exceed $6,000. Additionally, you must be an Oregon resident with the intention of enrolling in a full-time, on-campus bachelor’s degree program. Your cumulative GPA should be 3.00+ (GED must be 660+). However, the program accepts applicants with a lower GPA, provided they have a special recommendation from their counselor.
Website: https://www.tfff.org/sites/default/files/FordScholarsInfoDec2018.pdf
Ford ReStart Program
Amount: Up to $40,000
Deadline: March 1
Eligibility Requirements: This scholarship is designed to help students 25 years of age (by the application deadline) or older attend a full-time, on-campus degree program in Oregon. To be eligible, you must plan to earn an associate or a bachelor’s degree and, if already enrolled, be no more than 50% complete by the spring of the application year. Further, you must have a minimum GPA of 3.00 or a GED score of 660 (Those with a lower GPA may still apply with a counselor or advisor recommendation.)
Website: https://www.tfff.org/sites/default/files/FordReStartInfoDec2018.pdf
Ford Opportunity Scholarship
Amount: Up to $40,000
Deadline: March 1
Eligibility Requirements: This scholarship is designed to help single parents with a dependent child or children attend a full-time degree program in Oregon. To be eligible, you must plan to earn an associate or a bachelor’s degree as a high school graduate or continuing college student. You should have a minimum GPA of 3.00 or a GED score of 660 (Those with a lower GPA may still apply with a counselor or advisor recommendation.)
Website: https://www.tfff.org/sites/default/files/FordOpportunityInfoJan2019.pdf
Better A Life
Amount: Varies
Deadline: March 1
Eligibility Requirements: Better a Life is designed for single parents who will be 17 to 25 years of age by March 1 of the application year and are enrolled full-time in an Oregon public or non-profit college or university. If you are a high school senior, you must have a minimum GPA of 3.00; if you’re a college student, you must have a minimum GPA of 2.5.
Website: https://app.oregonstudentaid.gov/catalog/default.aspx
Bertha P. Singer Nurses Scholarship
Amount: Varies
Deadline: March 1
Eligibility Requirements: To be considered for this scholarship you must be an Oregon student who is enrolled in a nursing program as at least a second-year student. Further, you must have a GPA of 3.00 or higher and complete the FAFSA. At this time, U.S. Bank employees, their children, and near relatives are not eligible.
Website: https://app.oregonstudentaid.gov/catalog/default.aspx
Oregon Grants for College
Grants, which do not have to be repaid, are another way to minimize your overall debt; however, they do differ from scholarships. Grants are almost always need-based and are often federal or state funded. Scholarships, on the other hand, are frequently merit-based (academic, athletic, artistic, etc.), but can also be awarded based on other factors such as your heritage, professional goals, and your financial need.
As an Oregon resident, you may be eligible for the following grants:
Oregon Opportunity Grant (OOG)
Amount: Up to $3,200
Deadline: Apply as soon as possible after October 1
Eligibility Requirements: This grant is specifically for Oregon residents or members of eligible Native American Tribes with ties to Oregon. To be considered for this grant, you must be enrolled at least half-time in a participating Oregon school and have an EFC of $3,500 or less, as determined by the FAFSA or ORSAA.
Website: https://oregonstudentaid.gov/oregon-opportunity-grant.aspx
Oregon Promise Grant
Amount: $1,000 to $3,687, minus a $50 co-pay per term
Deadline: Varies based on time of graduation/GED completion and intended collegiate term. Visit OregonStudentAid.gov for more information.
Eligibility Requirement: To be eligible for this grant you must complete the FAFSA or ORSSA, be considering at least one Oregon community college (listing it on the FAFSA or ORSSA), and have a minimum GPA of 2.50 or minimum GED score of 145. Additionally, you must be enrolled at least half-time at a community college within six months of graduation/GED completion.
Website: https://oregonstudentaid.gov/oregon-promise.aspx
Oregon Student Child Care Grant
Amount: This grant is designed to assist parents that are enrolled in a degree program obtain reliable and safe health care for their children; as such, grant amounts vary based on need and cost of care.
Deadline: May 31, though students should apply as soon as possible after October 1.
Eligibility Requirements: To receive this grant you must be an Oregon resident with a child/legal dependent that is 12 years of age or younger or a child over 12 years of age with special needs requirements. Additionally, you must be accepted to an Oregon college or university and maintain satisfactory academic progress throughout. Students who already have a baccalaureate or higher degree are not eligible.
Website: https://oregonstudentaid.gov/child-care-grant.aspx
Oregon Barber and Hairdresser (B&H) Grant Program
Amount: Varies based on need
Deadline: February 1
Eligibility Requirements: To be considered for this grant, you must be an Oregon resident who exhibits significant financial need, as indicated by the FAFSA, and plans to enroll full time at a licensed school of hair design, barbering, cosmetology, or manicure.
Website: https://oregonstudentaid.gov/barbers-grant.aspx
Oregon Chafee Education and Training Grant
Amount: Up to $2,500
Deadline: March 1
Eligibility Requirements: This grant is designed specifically for youth who meet one of the following criteria:
- Are in childcare welfare foster care
- Have been in foster care for a minimum of 180 days after the age of 14 and exited care at the age of 16 or older
- Are former fosters who were adopted/entered into a guardianship after turning 13
Website: https://oregonstudentaid.gov/chafee-etg.aspx
In addition, you must complete the Chafee ETG application and the FAFSA. As you can see, there are numerous grants and scholarships available to Oregon residents. Completing the FAFSA or ORSSA can help you unlock numerous financial aid options, though there are certainly many that are not need-based. However, if you can’t secure a grant or scholarship award, there are plenty of federal and private student loan options available.