Parent to Parent: Kids and college in a shaky economy

High school senior Elias Goodman is a straight A student, has high SAT scores and is the captain of his school's hockey team... he should be a shoe in for the school of his choice.

Elias Goodman, student
"I've always wanted to go to some of the greater institutions and I've been working very hard to achieve that."

But with the struggling economy, his parents worry if they will be able to afford to send him to college-

Deidra Stein, Elias' mother
"I would love to be able to do that for him but I don't see it's possible."

And they're not alone... a growing number of families are having to limit their college of choice due to growing financial concerns.

James Boyle, College Parents of America
"Parents are saying I don't know where I will be in six months from now, we don't know if we're going to be able to sell our house, we don't know if we're going to have a job. We don't know if we're going to be able to put our kids through this school."

But even as families turn to more affordable public colleges and universities, they're finding these institutions are facing tough times too. And because of dwindling resources, many states have either cut funding to public colleges or have even increased tuition, leaving many families in the lurch when it comes to finding a school--

Deidra Stein, Elias' mother
"It's gonna be money. Who can give us the most or what he can win."

(Copyright (c) 2008 Sunbeam Television Corp. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)