by Sharon McLaughlin

Created on: April 10, 2009

The current economic crisis may have students and families thinking that a college education is out of grasp. But before you give up on your plans to pursue a college education consider the following strategies:

1) Develop A College Funding Plan- College planning really is a family undertaking. Families should be having open and honest discussions about college plans, career interests, what the parents can reasonably contribute to college expenses and what contribution the child may be expected to make starting when their child is a high school junior. Make it clear if the child is expected to work during the summer and/or school year to pay for college or take out student loans. Will the parents be willing to assist in the repayment of those student loans? Revisit the plan annually or as circumstances change. This is particularly important in an economic environment such as we are experiencing now.

2) Meet & Greet with the Financial Aid Director-When there is a sudden change in the family's financial situation, such as a loss of a job, foreclosure or bankruptcy, the family should make an appointment with the Financial Aid Director or Associate/Assistant Director ( the decision makers) at the college the child will be/is attending. Financial Aid Administrators have the ability to make professional judgment adjustments with documentation, which will take in to account these circumstances. Often this provides the student additional financial aid or makes a student eligible for aid who may not have originally qualified. I have many times used professional judgment for such circumstances, as a Director of Financial Aid. In the case of a job loss the family would need to provide a copy of the layoff letter and provide a copy of any anticipated unemployment benefits. When a family has experienced a foreclosure, the family would also need to provide documentation showing the foreclosure.

3) Consider Attending College In-State- Families struggling with finances whose child was planning to attend an out of- state college, may want to work with their child to find a college that is in -state and within commuting distance, thus saving on room and board costs.

4) Strike A Deal With Your Child- In cases where the child is really determined to attend his or her first choice college, I have known parents who have worked out agreements, where the parents will pay for the tuition and require the student to take on the responsibility of paying for room and board, through financial

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