• Cutting expenses by making smarter purchasing decisions and upgrading the campus electricity systems to make them more efficient
• Investing financial gifts from donors conservatively so they do not lose as much money in the troubled stock market
• Pushing a fundraising campaign, Campaign for Texas, in order to get donations to help improve the school and offer more to the students. (Powers says even during the Great Depression, alumni were able to donate enough money to help build several major campus buildings that remain highly used today.)
• Continuing to offer scholarships and make commitments to give financial aid. (Tuition will still be covered for students whose families have income levels of less than $40,000 a year.)
• Creating provisions for students whose families have encountered job losses or other economic hardships

Whenever I heard the word "scholarship" when I was younger, I thought it meant that you were getting a full ride to college with everything paid for. Only later did I find out that most scholarships given by colleges and universities cover only some of the costs, and that most students who win scholarships from their schools still need to obtain additional money through loans, their families, or supplemental scholarships.  

An article on Citizen.com reports that many current high school students think the same way I did. They expect their award letter -- the letter that details the financial aid package a school is offering to an applicant -- to offer much more money than it actually will, according to several guidance counselors. The interviewed guidance counselors say many students are surprised when they learn that the schools they applied to will only cover a portion of the expenses instead of most or all of them. Here's a reality check: full rides are possible, but rare.  

What can you do to prepare in case your award letter is for much less than you were expecting?  

Apply for private grants and scholarships. Hundreds of companies and foundations offer awards in varying amounts, and there's no limit to how many you can apply for. Most scholarships require an essay, but some others require more extreme measures, such as creating a prom outfit out of duct tape. Even if a scholarship is only for $500, apply; every little bit helps.
• Be sure to fill out your FAFSA. This form will help determine if you qualify for college money from the government, and it can't hurt to fill it out, even if you aren't sure that you'll need it. This will be an excellent backup if you get less scholarship or grant money from your college than you were expecting.
• Start researching your loan options. If you were hoping to get in on scholarship or grant money and hadn't yet considered getting government or private loans, it's time to begin your research. It's better to explore your financial aid options now, so if you realize you do need more college money, you are not rushed into making an uneducated decision.

Recently, I reported on MCO that while the economy is in shambles, student loans are still available to those who need them. However, it turns out that getting loans may not be the problem. According to The New York Times, the debt incurred from the loans may be too much for many American families to handle.  

A new report from the National Center for Public Policy and Higher Education found that while median family income has increased over the years, college costs have been rising several times faster, and college may become unaffordable for many in the coming years. This means while income is increasing, college costs are rising several times faster, and college may become unaffordable for many.

The report also found that in the past decade, college enrollment has risen while student borrowing for college has more than doubled, and the middle class is going into major debt in the name of education. Even worse news is that it appears college tuition costs will continue to rise, even at public universities.

While this news may sound daunting, it doesn't mean college will be out of reach. Here are a few ways to make college more affordable:

1. Consider a community college. The Times article says the average annual community college cost is $3,200, whereas the average private research universities can cost more than $33,000. Contrary to popular belief, community colleges are not "the high school after high school". If community college is not for you, go to a public university instead of a private college.  It will cost more than a community college, but much less than a private school.

2. Start saving. Many students rely completely on their parents to pay for school. If you really want to go to the college of your choice, consider saving some money yourself. In high school, work during the summers and save for college instead of wasting it on fast food and video games.

3. Attend college part-time and work part-time. If you have been dreaming of attending a certain college or university but the price tag seems too high, remember that many schools allow you to attend part-time. While it's certainly possible to attend college full-time and have a job, it can be hard to find time to study. Part-time school will give you more time to earn money, which will help put you through school and leave you with less debt.