Shortly, millions of High School Seniors will apply to college. The freshmen class of 2009 face intense competition for a limited number of spots at the most competitive schools. Moreover, current economic conditions present these applicants with yet another obstacle-how to pay for college in a recession.

While tuition, room and board, books, travel and other college expenses continue to soar, the economy has worsened. The credit crunch and stock market crash will have an impact on the ability of families to pay for college. Many 529 college savings plans tied to the performance of the stock market have suffered massively. It is much more difficult to obtain a student loan. It is nearly impossible for parents to tap the equity in their homes given the current real estate malaise.

What to do? Here are five proactive steps students should take:

1. Research and apply to state universities-there are many wonderful public institutions which represent a fraction of the cost of most prestigious private schools. Forget labels and brand names, they are overrated.
2. Apply to private schools with huge endowments. Many private schools such as Vanderbilt University have eliminated all need based loans. Commencing in 2009 Vanderbilt will replace all need based loans with grant and scholarship assistance.
3. Attend a local four year or two year community college. Living at home is a lot cheaper until financial circumstances change for the better.
4. Complete as many AP classes as possible while still in high school. The more credits you arrive with, the less you have to pay for in order to graduate.
5. Get a job and save money. Admissions committees admire students who are go getters. An after school job combined with a summer job will help build a substantial nest egg which will come in handy for the fall of 2009.

Be proactive, these are unusual times and unusual times call for unusual measures.



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