These days, many students and parents are asking a simple question:  How can college costs continue to rise even when families like ours face lower incomes and less job security?  

Unfortunately, the answer isn’t an easy one:  The combination of state funding declines, plummeting college endowment valuations, and record student enrollments has put upward pressure on tuition prices, even in the midst of economic recession.

The result:  According to a recent report by the College Board, tuition and fees at 4-year private colleges rose 4.4% to $26,273 per year, while tuition and fees at 4-year public colleges rose 6% to $7,020 per year (in-state students) and $18,548 (out-of-state students). 

In turn, it’s no surprise that many more students are applying for need-based financial aid.  According to the National Association of Student Financial Aid Administrators (NASFAA), 9 out of 10 colleges have seen an increase in the number of financial aid applications they received this year—with two-thirds experiencing a dramatic increase of 10 percent or more.

And that’s not all:  More students than ever are appealing their initial financial aid awards.  In fact, nearly two-thirds of colleges have seen the number of “professional judgment” appeals increase by at least 10 percent.

The bottom line is this:  Financial aid officers are busier.  Budgets are stretched thin.  As a result, it’s even more important than in past years to get your financial aid forms in early and meet a college’s priority financial aid deadlines.

That's why I'm telling my Scholarship Super Camp participants that this November and December is the critical time to do their strategic financial aid planning and positioning.  I'll be personally helping our campers with this process during the next two months.

When you meet these priority financial aid deadlines, which usually occur in February and early March, colleges can often afford to be more generous and flexible with their aid packages.  This means more grants and fewer loans.  Sounds good, right?

Additionally, many schools have created “adverse economic circumstances funds” to help those families hit especially hard by the recession.  Michigan State University, for instance, created a $500,000 fund to help such families.  In-state rival University of Michigan at Dearborn set aside $300,000 for emergency aid.  And schools like James Madison University are raising money from alumni for additional emergency funds. 

But if you don’t send in your financial aid forms early, such grants could be used up even if your family might have otherwise qualified.

So please don’t delay… great financial aid resources are available, but those who act sooner rather than later will receive the greatest help.  Even in the midst of tough economic times, there is always hope for those willing to take action.  The time to start is now!