This document outlines some of the key benefits and challenges of open educational resources (OER). The main benefits discussed are: increased opportunities for diversity, equity, and inclusion; cost savings for students through free or low-cost course materials; the ability for students to publish their work for others to build upon; expanded support networks for educators; and flexibility for instructors to adapt materials. The primary challenges covered are increased faculty workload; limited resources in some disciplines; ensuring materials remain up-to-date and sustainable long-term; information overload due to the large volume of options; and lack of institutional support at some schools.