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Coming Up With College Tuition in the Credit Crisis

As the economy weakens and more workers are laid off, there is a growing need for financial aid from students that wouldn't have needed it before. According to The New York Times, most students won't have problems paying fall semester tuition because those arrangements were made months ago, but it's apparent the number of families needing aid is growing. Colleges are concerned there won't be enough aid money for everyone who applies and are keeping an eye on the economy, especially in terms of employment.

Seventy-five percent of student loans are in the form of federal aid and the number of these applications this year is already up 10 percent from last year. The credit crisis has forced many students, who had been borrowing on their own, to ask their parents to cosign on loans. Fidelity Investments released survey results earlier this month and found that 62 percent of parents are planning on using student loans in combination with their own contributions, while last year 53 percent said they'd be using loans to help with expenses.

Join The Conversation
hihowareya hihowareya 8 years
Go to Wellesley, where the college meets 100% of student's need and most loans have now been replaced with grants, among other awesome benefits. They have need-blind admission, so if you can't afford it but are qualified, seriously consider going (55% of students are on fin. aid there). It was cheaper for me to go to Wellesley (tuition, room, board and transportation included) than to stay in-state and live at home while going to a public school. Though, of course, Vermont is notorious for having pricey higher education costs. :-\
MsWalton MsWalton 8 years
I'm PETRIFIED about how the credit crisis is going to affect my finaicial aid especially since I only have 1.5 years left. Most of my aid is in the form of federal loans, so I hope the government can guarantee students federal aid for at least the next 2 years. Definitely can't afford to take any semesters off now.
ilanac13 ilanac13 8 years
well - we've been hearing about how students are doing things in the US like they do abroad and taking a gap year so they can travel or earn money - so i think that this could be a trend for the future for college bound kids. i think that it's hard sometimes to think about pushing things off though, and i hope that they are able to come up with some type of solution for the growing need for financial aid. i know that i didn't get any aid but my brothers did and i'm sure that my parents were really really thankful for that one. we'll have to start relying on scholarships more and more.
RosaDilia RosaDilia 8 years
I wonder if this crisis will also have students delaying starting college after high school or starting a new semester so they can work to save enough money to pay for school.
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