No doubt you have heard about the economic free fall our nation has been in this past year. Up until now you may have been able to get by without having the economy impact you too much. Now that you’re looking to go to college you can expect that the state of our economy will start to have an impact on you. Endowments at many schools have taken record losses. What does this mean for the student who is applying? It means schools will be very careful in analyzing how much they award, to whom it is awarded, and the type of aid available.

A lot of students will rely heavily on their parents to aid in paying for college. With parents losing thousands in this current recession, their ability to pay for their kids has undoubtedly been impacted as well. This leads to the question, “How can I still afford college?”

I was surfing the web the other day and visited the always popular US News and World Reports website. I came across this great article. It highlights some ways to find affordable schools and also how to possibly increase a financial aid package by applying for scholarships and a little strategic planning.

My own tip is that you apply to and try to build in at least two financial safety schools. (These would be schools you know will be within your price range. For some, this may be the local community college, for others it could be attending a large state university on a part-time basis.)

You can roll the dice on the others…you never know how much you might get from a school based on your academic profile or based on your need. And, keep in mind, financial safety schools are NOT schools you hate. Many of my friends made the mistake of applying to schools they’d “never attend”. This isn’t the idea. You should only be applying to schools you like. Just make sure there are a couple that are financially possible.

Finally, it is important to look at your individual circumstances and not to gauge what you can afford based on where your friends or other students are going.

Keep it affordable,

Rich