Economy's Effect on College Plans May Not Be All Bad

It's no secret that the economy has wreaked havoc on many students' college plans. With parents' savings severely depleted or even exhausted, college-bound seniors are having to consider less-expensive schools, as this recent story reports.

Although being unable to attend a dream school with a tab of more than $50,000 per year can initially seem heartbreaking, this increasingly common predicament can galvanize students (and their parents) into analyzing and focusing on what they really want and need from a college education. Too often students are swayed by a school's ranking, popularity, or prestige. Instead of taking a close look at their own personal and educational goals, high school seniors often become prematurely attached to a particular school that, objectively speaking, isn't the best—or even a good—choice.

When financial realities enter into the picture, students are forced to examine their plans carefully. Does a goal of becoming a journalist, for example, necessitate attending Northwestern's Medill, or could that plan (especially for an in-state resident) be accomplished just as well at the University of Missouri? Does it make more sense to forgo attending a top-tier school with a hefty price tag and skimpy financial aid package and instead choose a solid, well-regarded college whose scholarship award will make graduating four years later debt-free a reality?

Of course, these are the sorts of questions students should be asking themselves long before acceptances and rejections roll in—and not just in a tanking economy. Even though having constricted choices can be disappointing, it can also be an opportunity for mature consideration of goals and, perhaps more important, an essential life lesson. Much as we might wish them to be otherwise, options and resources are limited, and being able to work within those limitations is a skill every bit as valuable as anything learned in college.