CHICAGO -- Crunching the numbers on college costs has been a particularly grim task for parents of incoming freshmen this year.

The weak economy has strained their cash resources, and the nationwide mortgage crisis has made many unwilling or unable to tap home equity. On top of that, dozens of lenders have stopped issuing federally guaranteed loans because of the credit market turmoil.

"In terms of parents paying, there's more stress than I've ever seen," said Valerie Broughton, a Minneapolis-based educational consultant who says many are considering changing to less expensive colleges or universities than planned.

Even with the start of college just weeks away, however, money can still be found for those who don't have all the financial aid they need. One reason is that schools, too, are under extra pressure and working harder to fill their freshman classes this year as students make late switches because of costs.

That can work to the advantage of those who have been accepted to their school of choice but are struggling to pay for it. Additional financial aid and scholarship money can be dangled at the eleventh hour as earlier enrollment commitments evaporate -- a phenomenon known as the "summer melt."

"The later in the year we get, the more valuable each student becomes and the harder they are to replace," said Lynn Nichelson, director of financial aid at Illinois Wesleyan University in Bloomington, Ill.

For starters, experts recommend contacting a college's financial aid office before ruling a school out because of money. Sometimes, the aid outlook can improve from what was offered earlier, perhaps because of a change in the family's situation such as divorce or one parent's loss of a job.

Some evidence suggests schools are more willing to help out with aid this year than in the past. Broughton says colleges are dipping into their wait lists more than ever before as a consequence of the trend away from early decision programs, which has resulted in a late scramble for students.

One "must" for those who haven't already done it is to submit the Free Application for Federal Student Aid form. The FAFSA is required for eligibility for student aid programs such as Stafford and Plus loans and is used by most states and many private colleges to determine financial aid.

Searching for last-minute scholarships and loans at online sites such as FastWeb.com and Finaid.com also can be fruitful. But parents are advised by experts to consider non-education-based loans only as a last resort because of extra costs and the need to start paying them back immediately.

The reality, of course, is that many will rely on such loans, and if so, they need to act quickly. In one recent sign of the lending crunch, Smith College in Northampton, Mass., sent a letter to parents cautioning them that qualifying for and finding loans may be tougher this year and urging them to secure necessary financing soon.

If financial attempts fall short, students and their parents may want to consider a less expensive option -- from a state university to a community college -- or even waiting a year or two to save more money.

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