Financial Aid

College is an investment in your future, and many options exist for financing that investment.

The first step is to understand these options and make the best decisions based on your family's situation. The cost of room and board, fees and tuition vary at each college, and you'll also need to account for living expenses and books while you're in school. The good news is many sources of financial aid are available. The earlier you start saving money for college and applying for aid, like grants and scholarships, the better.

Types of Financial Aid

Link
Savings

It’s never too late to start saving for college. Consider setting up a 529 College Savings Plan. In Oklahoma, you do not have to pay taxes on 529 account earnings and those with a 529 plan receive an Oklahoma tax deduction - www.ok4saving.org.

Link
FAFSA

The first step in receiving any type of federal financial aid is to complete the Free Application for Federal Student Aid (FAFSA). Federal student aid includes grants, work-study opportunities and student loans. If you are a high school senior, you'll need to submit the form this year to find out what federal and state financial aid options are available to you.

Link
Grants/Scholarships

When looking for money for college, it's best to seek free money before seeking student loans. Grants and scholarships are offered to college students for a variety of reasons, not just perfect grades. And, they are available through many sources including your state, your college, private organizations and the government.

Link
Student Loans

Student loans can help close the gap between money earned/saved and college expenses. Like any other loan, a student loan is borrowed money. Even if you don't graduate, you still have to pay back every dollar you borrow, plus interest. For more tips about student loans, visit UCanGo2.

Link
Oklahoma's Promise

Students must apply in the 8th, 9th or 10th grade, be a resident of Oklahoma, complete a specific high school curriculum, achieve at least a 2.50 GPA both in the curriculum and overall, and abide by certain conduct standards. The federal adjusted gross income of the student’s family may not exceed $55,000 at the time of application. In addition, the family income must not exceed $100,000 each year the student is enrolled in postsecondary education (students must complete the FAFSA each year). Oklahoma’s Promise will pay resident tuition at a public college or a portion of tuition at private institutions or public technology centers in Oklahoma.

Questions? Call the Student Hotline.