Paying for College

College Finances in a Recession

The economic world seems to be turned upside down. Is your personal economic world on shaky ground? Do you have children either in or about to enter college? Rob Franek, the gentleman with whom I dealt at Princeton Review when writing my book about elite colleges, has written a pertinent and timely article about how to handle college money issues during these difficult times. He notes:

One thing you can say about our economic downturn is that when it comes to destroying dreams, it's an equal-opportunity provider. Indeed, all strata of society have been challenged by the financial crisis, including parents who have lost their jobs and savings and are scrambling for new money to pay for their children's college education . . .

. . . When you combine competition for admissions and financial aid with the increasing costs of higher education (an average $25,000 per year for private schools and $7,000 for in-state public institutions), it can be profoundly unsettling . . .

Rob then goes on to cite "six important things students and their parents must consider if they're serious about accessing these funds." Check it out. Time well spent and, possibly, money well saved.

Be sure to check out all my admissions-related articles and book reviews at College Confidential.