News reports have been scaring the public into thinking that parents and students searching for financial aid this winter will find the loan and grant pickings slim at best.
But families should NOT disqualify themselves before investigating all options. In particular, I urge prospective first-generation college students and their families to explore financial aid options rather than concluding that higher education is out of reach in today’s economy. I recommend:

Having a frank discussion as a family about what you can afford, before the student begins to search colleges.
Calculating what you can afford on www.fafsa4caster.ed.gov and searching for scholarships, grants, and loans on the following free web sites:
www.fastweb.com
www.finaid.org
www.collegeboard.com
Investigating federal and state grants and loans before going to private loans, and checking alternative lenders thoroughly before applying for a loan.
Student Lending Analytics, an independent research firm, has developed an Alternative Loan Guide to assist students and parents.
Not disqualifying yourself on perceived cost without investigating all financial aid options.