Are you a college-bound student in Salem, who's wondering how on Earth you're going to pay for your higher education? You aren't alone! But don't worry because Oregon student aid options are plentiful and can make the difference between pursuing your academic goals and not.

In this post, we'll cover some of the basics about college costs and financial aid. Then we'll explore what scholarships, grants, and student loans Oregon high school graduates in Salem might be able to take advantage of.

Understanding the Costs of College

Higher education is a major financial commitment for most people. When you add up tuition, fees, and all the other bills — getting a post-secondary certificate or degree can be expensive.

Don't sweat this just yet, though, because:

1. As an investment in your future, higher education is bound to be a worthwhile investment.
2. Chances are good that you'll be able to get help funding your education. We'll come back to this later.

So, Where's All That Money Going?

In case you aren't quite sure how going to college amounts to such a big line item in your budget, let's break it down. It's critical that you know what you're paying for so you can make informed decisions about where to go to school, what kind of financial aid to get and how much, what kind of schedule or program to do, how to manage costs, etc.

• Tuition, the primary expense of attending college, usually includes instruction, use of facilities, and other services offered by the institution. Tuitions can vary by factors like school, location, degree program, residency status. Community colleges and vocational schools are probably going to cost less than four-year colleges and universities.
• Fees are common and cover things like application, technology use, health center access, sporting facilities, etc.
• Books and supplies depend on the program you're in but often range from a few hundred to a several thousand dollars per year.
• Equipment — like if you need a new computer or specialized gear — should be accounted for as well.
• Room and board costs vary depending on your living situation. If you're attending school away from home, you'll likely need to pay for a dorm and meal plan if you live on campus or rent and groceries if you live off-campus. 
• Travel and transportation can amount to a tidy sum, especially if you aren't at a local college. Getting to and from school may entail buying plane or train tickets while getting around on a daily basis might require a public transit pass, ride shares, or a bike.
• Other expenses may include healthcare, personal care, entertainment, clothing, and miscellaneous items.

Financial Need Is Real

All these costs can start to stack up really fast. Given that more than 38% of Salem-Keizer School District's Class of 2024 students applied for financial aid, it's safe to say families are feeling the pinch.

Luckily, Salem students can tap into a variety of federal and Oregon student aid resources — both publicly and privately funded — to help offset college costs. Among the types of financial support pathways high school seniors can explore are:

• Scholarships
• Grants
• Work-Study
• Loans
• Gifts
• Payment Plans
• Savings

Most people who use financial aid leverage more than one kind of aid. It's common to have a mix of multiple loans, scholarships, and grants in different amounts.

Scholarships, Grants & Student Loans for Oregon High School Students

Financial aid plays a significant role in shaping the academic and professional trajectories of students here in Salem. The right kind, amount, and timing of monetary assistance can help make higher education accessible. This in turn can open students up to a broader array of learning experiences and future successes.

Here are a few ways that financial aid supports students:

• It reduces financial barriers and burdens. Grants and scholarships provide free money that students don't have to repay. This directly lowers the overall cost of college. Work-study programs allow students to earn money to help cover expenses. Loans let you spread the cost of college out over a longer time horizon.
• It levels the playing field. Financial need-based aid targets lower-income students, helping to bridge the gap between their capacity to pay and the cost of education. 
• It increases enrollment and completion. By making college more affordable, financial aid programs enable more students to apply, register, and stay through graduation. 

Salem, Oregon Student Aid Options

Believe it or not, many different sources of financial aid are available to Salem high school students. With a little research, you can find ones that fit your needs.

State & Federal Funds

The government prioritizes higher education. That's why there are publicly-backed financial aid programs at both the state and national levels. These include grants, work-study, and loans, like the ones below. 

• Oregon Opportunity Grants are available to students who are Oregon residents, demonstrate financial need, and are enrolled at least half-time in an eligible Oregon community college or public university program.
• Oregon Promise Grants help recent high school and GED graduates cover tuition at Oregon community colleges.
• Federal Pell Grants, awarded to undergraduate students with financial need, help pay for various education costs.
• Federal Work-Study is a jobs program for undergraduate and graduate students with financial need. It provides them a way to earn money to pay for college expenses.
• Federal Direct Subsidized & Unsubsidized Loans allow eligible students to borrow money to pay for school.

It's worth noting that with some federal loans, there are programs that release you from some or all of your repayment obligations if you work in public service after you graduate.

Local & Private Alternatives

On top of all the federal and state options, private and local sources of funding might be available to you. These might include:

• Employers — see if your or your parents' workplaces offer tuition assistance.
• Community, industry, and affinity groups (e.g., fraternal organizations, trade associations, and clubs) often sponsor scholarships.
• Legacy and alumni foundations may offer grants and scholarships to subsequent generations of past members or students.
• Credit unions, banks, credit cards, and other financial institutions lend money to students.
• Family and friends may be able to come through with a cash gift or informal loan.

Investigating what funding is available in Salem is worth the effort.

Tips for Maximizing Opportunities & Securing Oregon Student Aid

• Try to get as much financial aid in the form of grants, scholarships, and gifts (i.e., other people's money that you don't have to pay back) as you can.
• Let others know you're looking for financial aid for school. Try to get federal and state financial aid — like the ones listed here — before committing to private lending.
• Be strategic and proactive. Have a plan and process in place. Start your research early and begin applying as early as possible.
• Go after different kinds of student aid. You'd be surprised to learn that some money goes unclaimed or has relatively few applicants contending for the funds.
• Don't get put off by rejection. Getting scholarships and grants can be a numbers game.
• Read the instructions and eligibility instructions carefully before you begin the application. You don't want to get half way through and realize you don't qualify.
• Complete your applications with care. Be thorough, authentic, and compelling. Make sure you've provided all the asked-for information and attachments before you submit.
• If you're able to and it seems appropriate, don't be afraid to follow up. Checking on the status of your application can signal engagement and dedication to your education. 

Financial Aid FAQs: What Salem Students Want to Know

Q. What local scholarship and grant opportunities are available in Salem, Oregon?

A. Scholarships and grants are often offered by local organizations, businesses, and community organizations. Ask your teachers and guidance counselor, family, and friends if they know of any local financial aid opportunities.

Q. What are the specific eligibility criteria for student aid in Salem, Oregon?

A. Understanding the eligibility criteria for scholarships and grants is crucial for prospective applicants. Each financial aid opportunity will have its own unique set of requirements. To get federal and state grants and loans, you must apply using the Free Application for Federal Student Aid (FAFSA) or the Oregon Student Aid Application (ORSAA), respectively. Most loan, scholarship, and grant programs qualify students based on other factors — such as academic achievement, financial need, or community involvement — as well.

Q. Does Valley Credit Union offer financial aid to Salem students?

A. Qualified students and their parents can apply for student loans that feature competitive rates and favorable terms via VCU’s Student Loan Marketplace. This powerful tool helps you find suitable scholarships and grants fast. If you’re interested in learning more about student loans. Check out our informative FAQs.

VCU, Your Connection to Student Financial Aid in Salem

While navigating the costs of higher education can be daunting, financial aid options are available to help ease the burden. Most people pay for college with a blend of scholarships, grants, work-study, student loans, and/or other funding options from public and private sources. 

Looking for local resources can be fruitful. Organizations, businesses, and other donors in Salem may have funds earmarked for helping students pay for school. It’s possible that fewer people are vying for these scholarships and grants so your odds of being selected may be better.

It may take some time, effort, and creativity to secure financial aid for your higher education journey — so be diligent and persistent. Valley Credit Union is here to help you along the way — don’t hesitate to reach out with questions about financing your education.

About the Author

 Justin Roberts, Vice President of Lending

Justin Roberts is our Vice President of Lending and has been in the financial industry for over 18 years. He is an Oregon State University Graduate and has just completed Western CUNA Management School. When he is not focused on helping the members at Valley, you will find him coaching his two sons and volunteering his time to help develop the youth in our communities through sports.