Paul Carney, vice president for enrollment and student affairs at Webster University in St. Louis has this piece of advice for prospective college students, "You don't have to decide everything at the beginning."

"Families should sit down and together decide on a few parameters, such as how much the student can reasonably afford to spend on college after scholarships and financial aid," Carney said.

Of course, there's more to choosing a university than simply comparing costs.

"Students should ask themselves what they are hoping to get from the college experience," Carney said.

That's not a bad thing for parents to ask their kids as well. Just remember parents, no cringing if your priorities don't match your student's. "And if you have multiple students, don't assume that child #1 will answer the question the same way as child #2. You may get very different outcomes to this conversation," Carney said.

"For some kids it makes sense to start at a community college. For others it would be counter-productive to skip the on-campus experience. Of course, both students and parents need to remember that just because a student chooses a local college or university, it doesn't mean the student has to live at home," Carney said.

Once a student has their criteria determined — academics, campus life, tuition — they can start researching colleges. The internet is a great tool for searching far and wide and looking at colleges big and small, public and private. It's during this process that students and parents might be tempted to give money a determining role.

"For some students and families, price is very important, but if they exclude a college on initial cost alone, they'll never know what that college could have done for them. Many private colleges offer grants and scholarships that make their tuition competitive," Carney said.

A link on Webster University's website (explore.webster.edu/admissions/undergraduate/freshmen/financial/default.asp) offers three examples of how financial aid can play a role in making private colleges competitive. Central to this ability is the university's own scholarship and grant program as well as federal loans and grants and work study options.

Perhaps it's a new take on an old adage, "If there's a will, there just might be a way."

The bottom line is this: colleges won't start preparing personalized financial aid offers until the student has applied. So Carney recommended that once students narrow their list of prospective colleges to four or five, they should start applying.

Final advice to students: Apply for admissions early. Apply for every scholarship and grant opportunity for which you qualify. Complete the FAFSA (Free Application for Federal Student Aid) as early as possible. And wait to see what the offers hold. You just might be surprised.

Changes are coming in federal financial aid
On Sept. 17, 2009, the Student Aid and Fiscal Responsibility Act (H.R. 3221) passed the U.S. House of Representatives by a 253 to 171 vote. Key provisions of the legislation include:

- Investing $40 billion to increase the maximum annual Pell Grant scholarship to $5,550 in 2010.

- Investing $3 billion to bolster college access and completion support programs for students.

- Strengthening the Perkins Federal Loan program and converting all new federal student lending to direct loans beginning July 1, 2010.

- Simplifying the FAFSA form in 2010.

- Providing loan forgiveness for members of the military called to duty in the middle of the academic year.

- Investing $2.55 billion in Historically Black Colleges and Universities and Minority-Serving Institutions to provide students with the support they need to stay in school and graduate.

- Investing $10 billion through incentives for community colleges who partner with businesses, job training and adult education programs.

Read all the provisions of H.R. 3221 at edlabor.house.gov.