Economy worries students, but there are many sources of financial aid for college

Economy worries students, but there are many sources of financial aid for college

The 2009 Back to College survey released by Money Management International, a non-profit credit counseling organization, has found the recession is causing about one-third of students to modify their college plans.

Specifically, the poll has revealed 38 percent plan to attend a less expensive school, 35 percent will choose a community college to complete basic courses and 31 percent have decided to attend school closer to home.

"For students who want the freedom to attend the college they want in the current economy, striving for academic excellence in high school and setting clear goals for the future should be a top priority," says Cate Williams, vice president of financial literacy for MMI.

"There are many options available to help students and their parents pay for school - the key is to do the research," she adds.

In fact, there are numerous local as well as national databases of scholarships that interested students are encouraged to explore. In addition, every enrolled student should submit the FAFSA application, which opens doors to government-supported grants and other financing options.

In addition to scholarships and grants, budget-conscious students may consider online colleges, which offer high-quality education at a fraction of the cost of a traditional institution.

Labor market studies show college graduates can earn about twice as much as those without a degree.