| Shortly, millions of High School Seniors will apply to | | | | fraction of the cost of most prestigious private |
| college. The freshmen class of 2009 face intense | | | | schools. Forget labels and brand names, they are |
| competition for a limited number of spots at the | | | | overrated. |
| most competitive schools. Moreover, current | | | | 2. Apply to private schools with huge endowments. |
| economic conditions present these applicants with | | | | Many private schools such as Vanderbilt University |
| yet another obstacle-how to pay for college in a | | | | have eliminated all need based loans. Commencing in |
| recession. | | | | 2009 Vanderbilt will replace all need based loans with |
| While tuition, room and board, books, travel and | | | | grant and scholarship assistance. |
| other college expenses continue to soar, the | | | | 3. Attend a local four year or two year community |
| economy has worsened. The credit crunch and stock | | | | college. Living at home is a lot cheaper until financial |
| market crash will have an impact on the ability of | | | | circumstances change for the better. |
| families to pay for college. Many 529 college savings | | | | 4. Complete as many AP classes as possible while still |
| plans tied to the performance of the stock market | | | | in high school. The more credits you arrive with, the |
| have suffered massively. It is much more difficult to | | | | less you have to pay for in order to graduate. |
| obtain a student loan. It is nearly impossible for | | | | 5. Get a job and save money. Admissions |
| parents to tap the equity in their homes given the | | | | committees admire students who are go getters. An |
| current real estate malaise. | | | | after school job combined with a summer job will |
| What to do? Here are five proactive steps students | | | | help build a substantial nest egg which will come in |
| should take: | | | | handy for the fall of 2009. |
| 1. Research and apply to state universities-there are | | | | Be proactive, these are unusual times and unusual |
| many wonderful public institutions which represent a | | | | times call for unusual measures. |