I’m thinking, it’s a pretty good time to be in college.

When I was in High School, I watched every single Sex-in-the-City religiously. It looked like soon my life would be filled with high-heeled pumps and hip nightclubs. Turns out it was a pretty inaccurate college guide.

Instead, my independent urban student (and post-student) life is filled with Payless BOGO and Pabst Blue Ribbon. And you know what? I like it better that way. In spite of college loans, life is great when you are single, 21, and live with 4 other roommates in a 2 bedroom apartment. We just bought a Foreman Grill. It’s pretty pimp.

So long as I can pay my rent, I consider myself well-off. Sure the job market is a little tight, but at least I don’t have an actual career to be laid-off from. If your idea of a job is working at Starbucks or the Gap, than chances are, you’re going to be okay. Hey, even ex-exec’s can’t kick their caffeine habit.

For ye who sleep on futons and eat Ramen sandwiches, rejoice!

Now is a great time to have absolutely no money saved! I thank the day I was never able to accumulate enough capital to invest in the stock market.

Like Chit Chat with Brit said in “Bail Out, Schmail Out”, quit whining college students. Be thankful we have four years to get out of this mess. And last time I checked, Ramen noodle prices are not rising.

So boohoo, the Dow is falling, the Dow is falling. Shut-up Chicken Little, I’m busy drinking my PBR.

You can apply for two federal student loans—the Perkins Loan and the Stafford Loan. Both loans offer a six to nine month grace period after graduation for you to have time to get a job before you begin full loan repayment.

You will be approved for either a subsidized or unsubsidized loan. The difference between subsidized and unsubsidized lies in who pays the interest while you are in school. For a subsidized loan, your interest is paid by the government until you graduate. Subsidized loans are usually given to lower-income students. With an unsubsidized loan, the student is responsible to pay the interest during school.

Remember, it is absolutely essential that you begin paying off your loans on time—not doing so can be detrimental to your financial future! So you must be prepared, and finding yourself a good financial aid calculator is a good start. Also, take the time to consider going to a public college rather than a private. For example, the cost of going to the public school University of Massachusetts at Amherst is less than half that of going to Boston University, a private college.

But don’t let your dreams die over the dollar—there is still hope yet that you can afford your dream school. To learn more about the student loan process, check out sites like the College Loan Corporation, a top 10 private student loan provider who has helps students and families pay for college with their expert loan advice. Hope that helps you on your way to your ideal fiscal future!

Despite all these “maybes,” it seems that today’s students are definitely concerned with economy, and rightly so. For those with money saved, over 50% have lost some money due to the recent economic collapse. Others have had to take on a second part-time job, drop courses, or move back in with their parents. With all this economic upset, it is no wonder that most students surveyed said that the economy was a major factor in their voting decision. However, it remains to be seen whether either candidate can turn the economy around. Students were overwhelming against the government bailout.

Many expressed a laissez-fair attitude to the economy and told the government to just butt-out. Read the results of our survey on the Economic Crisis and the student vote to see if the results line up with your views.

Kudos to all of you who filled out this groundbreaking survey, but don’t let your voice end here. Go out on November 4th and VOTE!

What are your thoughts on the economy? Do you favor Obama’s economic plan, or is McCain’s economic plan the way to go? Will either of them help lower student loan interest rates? Voice your opinion in CampusCompare’s survey.

The dollar damage is pretty substantial, but I’m actually not here to complain about the cost of my college degree. In fact, the price of my college tuition specifically isn’t really something I deserve to complain about. My strong work ethic paired with a supportive family and great teachers allowed me to excel in high school, and I earned a free ride to my in-state public college, as well as scholarships to other schools to which I applied. However I chose the most expensive school that I had applied to. I knew what I signed up for—the tuition was outrageous, but I went anyway, and now I have debt to show for it.

I surely empathize with the estimated two million academically eligible students over the past eight years who didn’t attend college just because they couldn’t afford it. College tuition costs have grown 40 percent in the past five years, and simply put, college is way too expensive. It is kind of pathetic that we haven’t been able to create a more affordable higher education system, an easier federal financial aid program, and greater access to college scholarships for academically qualified, but less financially fortunate students.

But I’m not going to join the hordes of debt-ridden students who chose to attend ridiculously overpriced colleges, proceeded to max out their credit cards on beer and materialistic items, and now whine and moan about their debts, blaming the economic crisis for their financial hardships. Stop complaining. You knew what you were signing up for, so manage your debt wisely and use that education to start a career.

The same reasoning can be applied to the bankrupt banks in America today—they spent money they didn’t have, took out loans they couldn’t afford, and signed up for more than they could handle. Just because Fannie Mae passed “Go” and collected $700 billion dollars, that doesn’t mean we all automatically deserve a “Get out of jail free” bailout after graduation.

Rather than spend all of their savings—or what’s left in this current market—on pricey private colleges, more and more students are realizing that public and state colleges offer excellent academic programs without the steep price tag.

Do high tuition costs get you down? Use CampusCompare to find colleges that are affordable. Using our college search tool, you can not only search for public colleges, but you can also search colleges that are in your specific tuition range.

I worry that if my son is accepted to his “reach” school I won’t be able to afford it. Help!

-Fear of Success

Dear Fear,

When economic times are tough and jobs are scarce, investing in education matters more than ever. Don’t get me wrong; I am in as much sticker shock as you are in regard to the spiraling costs of college tuition. However, I also feel that education is one of the most valuable assets you can have, and therefore, to quote the ubiquitous MasterCard commercials, it’s priceless.

I will assume that this school is high on your son’s list because it has one of the best academic programs for his chosen career path. If this is the case, then he can expect to receive an excellent education that will prepare him well for life after college—and a job that will enable him to start paying back those students loans ASAP. On the other hand, if your son has chosen this school because it has the coolest dorms, the best sports teams, and close proximity to the beach or ski slopes, then we should instead be discussing how to make your son rethink his views on college, rather than how to pay for his admission to a four-year-long party. But Babs is an optimistic kind of gal, and she will assume that your son has the best of intentions for the next four years.

Back to our story. You are certainly not alone in your concern about affording college. Banks are in the news far too often these days, which makes the idea of taking out a loan a dismal affair. I do have faith that things will get better, but instead of waiting around for that day, you will have to do your homework. Keep a file of every financial aid brochure you pick up—and there will be lots of them, as schools know that parents are feeling the crunch and are finding more and more ways to help you pay.

Don’t wait for an acceptance letter before you start exploring financing options. You mentioned that you are a single mother. Are there benefits to single parents trying to finance their child’s education? Talk to a financial advisor and see if there are benefits for single-income families.

Fill out the FAFSA as soon as you can and mail it in right away; ditto for any other loans, like the Parent PLUS loan and your son’s student loans. When I was in college, it was a given that I could resign for my loans each year, but that’s another story these days. It might be that you will have numerous smaller loans signed—a pain in the neck, for sure, but at least you are covered. These loan sources are not proverbial money trees—when the money runs out, so does your luck for that year.

Find a good financial aid calculator online and crunch some numbers. It may be that things aren’t as bad as they seem, but on the flip side, your son’s dream school could become a financial nightmare.

Have a heart-to-heart talk with your son about his top pick. Is it love or infatuation? Does his future career include an advanced degree that will incur another tuition bill? Is his career known for a hefty paycheck? What is the demand for educated professionals in his chosen field? These are practical questions that need to be answered honestly in order to figure out if this school is going to be worth your hard-earned money—and his—in the long run.

Financially yours,

Babs

I worry that if my son is accepted to his “reach” school I won’t be able to afford it. Help!

-Fear of Success

Dear Fear,

When economic times are tough and jobs are scarce, investing in education matters more than ever . . .

Check back with CampusCompare’s financial aid blog tomorrow to get tips from Babs about financing college.

I think I need to stop watching the news; all this terrible talk about the economy is really getting to me. I’m heading off to college next year, and I’m afraid I won’t be able to afford it. Should I delay school a year to work and save money? Should I give up my expensive dream school for a cheaper one? Help!

Signed,
Financially Frustrated

Dear Frustrated,

It’s definitely a scary time in our economy, but that should not stop you from pursuing a college education. Your education is an investment, and it’s one that will pay off down the road. Still, there are some ways that you can relieve the burden.

I know it’s far off, but if you are thinking about graduate school one day, then perhaps one option is to choose a less expensive school for undergrad. While prestigious schools are often associated with high price tags, keep in mind that there are excellent public schools that are bargains in comparison.

If you’re a good student, scholarships are always an option. Don’t give up hope if you don’t get one for freshman year; many schools are known to give scholarships to high-achieving students as they progress through their four years.

Don’t rely on the government to offer a whole lot of assistance at this point, but do take what you can get. Send in your FAFSA early so that you have the best chance of getting funding. Also, be a frequent and friendly visitor to your Financial Aid office on campus so that you are never in the dark with what your financial situation or tuition bill is like.

There are many online resources, like CampusCompare, that offer financial aid calculators and other resources to help you through this stressful time. You are definitely not alone in this, so don’t be afraid to ask questions!

Financially yours,
Babs

US News & World Report ranked these as the ten best public universities in the United States for 2009. No surprise that the excellent University of California system is well-represented on this list. 

Here’s a cool tip: Move to an off-campus apartment during summer to establish residency and you might even have a chance at getting the in-state tuition rate!

10.  University of Illiniois - Urbana-Champaign
9.  University of California–San Diego
8.  Georgia Institute of Technology
7.  University of Wisconsin - Madison
6.  College of William and Mary
5.  University of North Carolina - Chapel Hill
4.  University of Michigan - Ann Arbor
3.  University of California–Los Angeles
2.  University of Virginia
1.  University of California–Berkeley