As school begins, some struggle to come up with tuition money

(Albany, N.Y.) Hundreds of thousands of students ready are heading off to college this fall, ready to embark on an education that will cost tens of thousands of dollars by the time they graduate.

Most students are paying with loans, which were harder to get this year than ever before. Banks are now cutting the amount of money they're offering in loans this fall, after the Federal Government cut subsidies for federal loans, making the business less profitable for banks.

Director of Financial Aid at The College of Saint Rose, Steve Dwire said: "We knew it would eventually come down and affect our students."

 Dwire was contacted by several students this summer worried they couldn't get a loan to attend the college this fall.

"It's been harder for students to find different types of loans out there this year with credit markets tightening, some students decided to take out what you call a private alternative loan through like a private bank."

 Dean Skarlis, president of "The College Advisor" coaches students and parents in the Capital Region on college admissions and financial strategies. He's witnessed several of his clients struggle to pay for what the loans won't cover.

"It's happened to a couple of my clients who didn't want to pay or couldn't pay the $50,000 thousand a year at a private school an so the student wanted to go to that private school and couldn't go, so they wound up going to a state institution."

 Although a SUNY School is more affordable, they're also becoming more difficult to get into because they can afford to be more selective. But, regardless of what you choose, Skarlis advises parents to start saving early.