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Financial Aid News: Recession Alters College Plans

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I read this article in the Chicago Tribune last week about how the recession is affecting parents’ plans for their kids’ college education.

The story was hardly rocket science, but it did point out that job losses, coupled with decimated housing values, have caused a lot of families to rethink their college plans.

The biggest change? According to the Tribune, it’s that students are applying to schools they would not have otherwise considered. Included in the list are in-state schools that offer sizeable scholarships and community colleges where students can save money on tuition — and even more money by living at home.

The article also points out that university’s scholarship funds are drying up. The thinning school-based awards reflect deep cuts in state funding coupled with decimated endowment funds.

Of course, private scholarships are still available, so students should definitely avail themselves of any and all opportunities. And yes, I’m going to plug our Scholarship Announcement Fridays, where I tell you about three scholarships with upcoming deadlines. Plus, our lists are far from the only place to go to look for student scholarships … check out this article on reputable and free scholarship search engines.

The Tribune article also got me wondering how Financial Aid Finder readers are coping with the recession. Have you changed your college plans as a result of the current economy? Have you had to transfer schools? Give up on your dream school? Postpone college for a year or longer to save up money for tuition? Let us know what’s happening with you in our comments section.

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