Education in San Antonio

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 have planned ahead and spent years saving for college may come up short, particularly if their savings/investments have been in real estate or stocks. Not only are most investors sitting on portfolios worth at least 25% less than their value a few months ago, but many own a considerable number of individual stocks or funds that have declined in value by an even higher percentage.

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.

Institutional scholarships are a very important part of financial aid packages, especially at private colleges and universities. In fact, in normal times, private colleges offer students enough institutional-based scholarships to offset approximately 35% of tuition costs. Some colleges have so much money that their ability to provide institutional aid will not be impacted even if the economic downturn continues.

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.

How can students ensure that the current economic climate will not derail their educational goals?

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. See if your high school counseling office has a list of scholarships offered by organizations in or near your community.

4. Use Google or Yahoo to search for “college scholarships”. You’ll find more than 60 free scholarship search sites. Each will “match” you to appropriate scholarships.

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 educational bargains. There are lots of them out there.

7. Do not be afraid of loans. Just be sure you borrow only for essential expenses and nothing else.

There is no question that many people are currently experiencing economic hardships, and few experts are predicting a quick turn around. But, the situation in which we find ourselves should not prevent students from continuing their educations. Frequently, in times like these, colleges have made an extra effort to hold down college costs and/or increase the availability of institutional scholarships. And, remember, there are many colleges which offer low tuition and or interest free installment tuition plans.

Despite the very real economic downturn through which we are living, students who fully explore the options open to them will find that they are able to continue their educations at both the undergraduate and graduate levels.

The author is a teacher and investor who writes on and advises his students on financial aid, scholarships, choosing an online college, and the relative advantages of on-campus and online degrees.