As the cost of an eduction soars, parents and students are looking for new ways to fund college.

All students applying to Santa Fe College are encouraged to fill out financial aid forms, but should do so early as the money is limited and first come first serve does apply in how much you receive.

"You can't get a job at McDonald's without a high school diploma nowadays."

But with America's largest banks strapped for cash, and the government knee deep in financial bailouts ...what's a college-bound student in financial need to think?

Peggy Werts has worked in Santa Fe's financial aid office for thirty years, and says 40-percent of those enrolled at the college are on some form of financial aid.

"I was an aid recipient, the only way for some people to go is to receive financial aid." 

College students are seeking financial aid in record numbers this year, applications are up 16-percent at Santa Fe alone...and many colleges are hoping their students aren't the victims of the fallout of a battered economy.

(Peggy) "People that own home that have mortgages are applying for financial aid they could have layoff's they could know they need a career change it's all over the board."

The need for funding higher education has made its way onto the presidential platform.

(Barak Obama) "a lot of students with the grades and brains want to go to college but don't have the money."

While eligible students at Santa Fe can borrow directly from the federal government in the forms of grants and scholarships... The Federal Reserves are becoming more shallow.

Pell Grants which have long been a major funding source will be 6-billion dollars short.

"one of the largest expenses after tuition are cost of textbooks."

(Student) "this book cost me $147 just for one class!"

Taylor says, students are not encouraged to incur debt within their first two years at the college. and many students agree with Dr. Sasser's hope that they're fiscal needs will be a big part of next administration's agenda.

All students applying to Santa Fe College are encouraged to fill out financial aid forms, but should do so early as the money is limited and first come first serve does apply in how much you receive.