Almost every family in America, regardless of its economic status, is concerned about the current state of the U.S. economy.

And, families with children in college or children due to begin college in the next 4-5 years are especially concerned about one aspect of the economy; how to meet rising college costs in difficult economic times.

Even those who responsibly set college money aside for their children are not without the economic angst of meeting college expenses, as the worth of their portfolios have likely shrunk beyond imagination in a few short months. Almost no investors have escaped unscathed.

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 will have no choice except to maintain or even increase their scholarship expenditures in order to meet their enrollment goals. Some others, however, may be forced by lower endowments to reduce the number and/or size of institutional scholarships awarded.

Our sagging economy may bring serious changes to the way prospective students and colleges approach the admissions and selection process. Thus far, it has brought a great deal of uncertainty.

So, what should a student do in the face of so much financial uncertainty? Here are a few things to think about.

1. Do not panic. Your family, and the college(s) you are considering, may not be materially affected by the economy.

2. If possible, meet with a financial aid counselor and/or scholarship counselor (in person or on the telephone) to be sure you understand the awards for which you may qualify. Then, apply for all of them.

3. Your high school counseling office should have a list of scholarships offered by organizations in and near your community. Pay particular attention to such scholarships as you may face significantly less competition for them than for other awards.

4. Conduct Internet searches for free scholarship search sites. They’ll help “match” you to scholarships for which you might qualify.

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 colleges with low tuition and fees. You will be surprised how many you can find.

7. Do not be reluctant to apply for student or parent loans. If you understand the value of education, you understand that loans are a very worthwhile investment in your future. Just be sure to borrow prudently.

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.

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