There was a time when students only had to worry about studying hard to get into college. Today, students face record tuition costs and the fact that credit is more difficult to come by.

According to The College Board’s “Trends in College Pricing” study, released Oct. 29, 23 percent of full-time students in public four-year colleges faced tuition increases of nine percent or more for the 2008-2009 school year.

In the wake of price hikes and limited financial aid,  38.3 percent of students said they were getting a part-time job to bridge the financial gap,according to a recent survey conducted by the National Association of Independent Colleges and Universities.

“I’m getting a job because of the decline in economy,” said Abra Katz, a senior whose father works as a medical professor for George Washington University (GW). “I get a discount because my father works for GW, but I have to work because the cost is still high.”

Some students are looking into local colleges and universities because of the rising cost, according to Katz.

“Friends I know are applying to in-state universities because of the decline in economy,” said Katz.

With household debt rising due to the decline in economy, WJ’s college and career coordinator Bryna Blaine finds that many have nowhere to turn for help. 

Prospective students can apply for loans from either the federal government or from private lenders, or both, but due to the recent economic crisis, many private lenders lost credibility and went out of business.

“Nobody really knows what’s going to happen yet,” said Blaine. “It’s just a big question mark because nothing like this [financial crisis] has ever happened before.”

Meanwhile, President-elect Barack Obama has proposed an additional $1.5 billion for Pell Grants, which assists low-income students. He has also proposed a $4,000 fully refundable tax credit, available to all citizens, including those who do not pay taxes.

According to The College Board, “More than 143 billion dollars in financial aid is available to students and their families. About two-thirds of all full-time undergraduate students receive grant aid. In 2008-2009, estimated aid in the form of grants and tax benefits averaged about $2,300 per student at public two-year colleges, about $3,700 at public four-year colleges, and about $10,200 per student at private four-year colleges.”