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Almost every family in America, regardless of its economic status, is concerned about the current state of the U.S. economy.

Those with sons and daughters nearing college age share a special concern; financing the post high school education of their daughters and sons.

Even those who responsibly set college money aside for their children are not without the economic angst of meeting college expenses, as the worth of their portfolios have likely shrunk beyond imagination in a few short months. Almost no investors have escaped unscathed.

College endowments, because they too are heavily invested in the stock market, are also down considerably. And, for all but the very wealthiest colleges, a decline in endowment value may well mean a decline in institutional scholarship funds available to students.

College funded scholarships and grants often constitute a significant percentage of students’ financial aid packages, particularly at private colleges and universities. On average, in fact, private colleges offer their students college funded aid equal to more than a third of their tuition costs. Some colleges and universities have such large endowments that their ability to offer aid to their top applicants does not change in any economic climate.

Others colleges will have no choice other than to maintain or even increase their scholarship expenditures in order to meet their enrollment goals. Still others, however, may have to reduce the number and or size of institutional scholarships awarded.

It seems probable that our sagging economy will bring important changes to the way prospective students and colleges approach the admissions and selections processes. Thus far, it has brought a great deal of uncertainty to students, families, and college administrators.

So, what should a student do in the face of so much uncertainty? Here are a few things to think about.

1. Do not panic. Your family, and the college(s) you are considering, may not be materially affected by the economy.

2. Speak with a financial aid counselor and/or scholarship counselor to be absolutely certain you understand the awards for which you may be eligible. Then, adhering to all instructions and deadlines, apply for all of them.

3. Your high school counseling office should have a list of scholarships offered by organizations in and near your community. Pay particular attention to such scholarships as you may face significantly less competition for them than for other awards.

4. Use your favorite Internet search engine to search for “college scholarships”, “scholarships” or “financial aid”. You’ll discover dozens of (free) scholarship search sites.

5. Avoid all organizations which claims they can help you qualify for additional college funding. Any help they can offer you is available at no cost elsewhere.

6. Look for colleges with low tuition and fees. You will be surprised how many you can find.

7. Do not rule out student or parent loans. If you need them, they are a great investment. Just resist the temptation to borrow more than you absolutely need.

There is no question that we are in difficult economic times. And, the economy is unlikely to bounce back quickly. But, the national economy should not prevent students from getting the education they require.

As always, students who explore their options fully will find that a college education is still well within their reach.

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