Paying for College in a Recession

Many schools have seen their student population dwindle as people have lost their savings that were set aside for college. But with a little planning and research, attending school doesn’t have to be a pipe dream.

According to a survey conducted by Sallie Mae and Gallup, 25% of families did not complete the Free Application for Federal Student Aid (FAFSA) last year. The FAFSA is your first and best resource to see how much you qualify for in federal aid.

Colleges and lenders alike agree that it's best to fill out the FAFSA as early as possible to get an idea of what you qualify for. Sallie Mae even has a web site with free tools and information on grants and scholarships available to students.

I'm finishing up my degree in Forensic Psychology—extremely different from finance, I know—and the Sallie Mae site has been a great starting place for finding funds to pay for school...I assure you, a credit union salary and freelance writing won't pay the tuition alone. So, if you want to go to school in 2009, but are afraid of the costs, start with the FAFSA. You can fill it out anytime after January 1st, but the earlier the better. Also be sure to check with your school's financial aid department for other resources and information.

Paying for college is still possible in an economic downturn. What resources have you found in your search for ways save for school? - Kristy Young