College is a dream that many people have for themselves and for their children. But how does that dream translate into reality? With the rising costs of higher education, the college application process can cause many sleepless nights for students and their families.

Peter Carey, a North Central High School graduate, thought he was lucky -- his parents had started a trust fund for him when he was young. Even so, Peter had limits. "Freshman year, I was really wanting to go to Notre Dame. . . . But it was just incredible how much it would cost," he said.

According to The College Board, a nonprofit organization that works to help students achieve college success, more high school students are applying to colleges than ever before. That in turn has made colleges more selective in the students they accept.

Not only are colleges getting more selective, they're also getting more expensive. According to the latest College Board figures, the average annual cost of attending a public four-year institution, including room and board, increased from $8,338 in 1994-95 to $11,354 in 2004-05. At private four-year institutions, that figure jumped from $20,780 to $27,516 during that same 10-year period.

This combination of more selective admissions and higher tuition prices can cause much anxiety for high school students and their families. For many of those who are accepted by a college or university, alternate ways to pay are out there. Although in years past, a summer job, a little help from the parents, and maybe a small loan have been enough to cover costs, that is no longer the case.

Y-Press talked with four college freshmen about their college selections and whether cost was a factor in their final decisions.

Staggering expenses

All started exploring the possibility of college early in their high school careers and were shocked when they realized how much it was going to cost.

"Good Lord!" recalled Josie Miller, a North Central graduate, upon hearing the price tag.

"I thought it would be impossible," added Ashley Asmus, another North Central alumna.

Some families, like Peter's, are able to save large sums for college. But for many, that isn't an option. As Ashley explained, "There just wasn't any money in my family to save."

Paul C. Brummett, a Lawrence Central graduate, said his parents did have some savings earmarked for college, but he knew early on that the cost of attending college was primarily going to fall to him.

"You always know (there's) the possibility it's gonna be on you," he said.

Like Paul, the other students knew that they would have to contribute to their college costs. All took jobs and tried to save a large percentage of their paychecks.

Peter began working -- and saving -- as a high school freshman. "Most of the time I put in at least 50 percent of my check. . . . All the money I would take out would just be for gas and maybe $10 more."

Ashley had less time to save money. "My mom didn't want me to have a job while I was in high school, and so I didn't start a job until my second semester of my senior year. And after that, I pretty much saved everything from that."

Not only did they save the money they earned, but money they were given, too. Paul had a stash of savings bonds he had received as gifts. "So like each Christmas, I'd always get this (bond) and set it aside, so you know it's like a bank account with money in it."

Applying for scholarships is another way to reduce total costs. While many grants are based on financial need, others are awarded for good grades, high test scores and achievement in specialized areas. Still others are available to students based on planned fields of study, ethnic background and geographic origin.

Scholarship information can be found in many places, such as on Web sites like www.FastWeb.com. Josie applied for a few scholarships posted in her school's college resource office. "That was actually a hidden little gem, because I got a scholarship through one of those, and I knew several people who did, too."

Similarly, Ashley found her school's resources useful but stayed away from scholarship-finding Web sites. "I think when you're looking for scholarships, it's best to look on a smaller level. Like FastWeb is good if you are amazingly talented in essay writing and really have something to say about the Civil War and books. But for me, it just didn't apply. It was more about finding things at my school or within my family that helped."

Costs can be a deal-breaker

For some students, the costs of college can make or break their decision about which school to attend. While cost mattered to the students we talked to, most of them were able to choose their colleges based on their interests.

Peter decided to study biology at Indiana University in Bloomington, where total annual costs, including tuition and room and board, come to at least $12,728 in 2005-06. "I only applied to IU because I knew that its medical program was excellent, and my mom works for IU, so there's a tuition subsidy."

Josie applied to several schools and chose a New York private school, Colgate University, for its liberal arts program. Its 2005-06 fees for tuition and room and board are more than $41,200.

"I applied to five different schools, and all of the schools were schools that I really, really liked, but I didn't want to graduate with a lot of debt. And so what I really looked for was a school that gave me a lot of money to come there," she said.

Ashley, who is pursuing East Asian studies, also applied to several schools because she didn't think that she would get into her first choice, Middlebury College, a private school in Vermont, whose total fees are about $42,120 this school year.

"It's a pretty selective school, and when I got in, I decided to accept just because it was too good of an offer to refuse, even if the financial aid package was awful."

Paul is attending Ivy Tech, where full-time tuition is about $2,520 for 2005-06. "That's where my options were after I came out of high school. That was what was available to me," he said.

Many sources for funds

Except for Paul, these students are financing their educations with a combination of personal savings, parental contributions, scholarships and loans. Both Josie and Ashley also have work-study jobs.

Ashley's package includes a large proportion of loans. "I'm comfortable taking on quite a bit of debt just because I feel secure in my future that I'll be able to pay it off," she said.

Paul is living at home and working at his dad's multimedia company. Not only is he making money, but he's also getting experience in his field of study, informatics.

All of these college freshmen have advice for high school students and their parents:

Paul suggests that families start saving for college early, to cover not only the cost of tuition but living expenses as well. "You can get a scholarship and all, but if you save young, then that's just extra stuff that you can spend while you're in college, 'cause it costs a lot to be a student."

Peter counsels students to choose a college that fits their needs, regardless of cost or what other people say. "Don't let your friends or family say, 'Go to this place 'cause there's a legacy there,' 'Go here 'cause we'll all be here.' Just pick what size you want, pick what major you want, and just look for any college that fits that."

Ashley suggests visiting colleges early on. "Go ahead and go on interview trips and visit your colleges, even if you think it's way early. Like, start your sophomore year. Why not?"

Knowing what you want to study or where you want to go can simplify the college search, Josie says. "Prioritizing and making decisions is important when choosing the right college and managing higher education financially. If you really want it, you'll make it happen."

ASSISTANT EDITORS: Emma Hulse, 18, and Peter DePaolo, 16.

Who we are

Y-Press is a nonprofit news organization with offices in The Indianapolis Star building. Stories are researched, reported and written by teams of young people ages 10 to 18. For more information, call (317) 444-2010 or send an e-mail to ypress@in.net.

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Political discussions If you want to read more about this topic from a child's perspective, check out www.ypress.org. Y-Press also invites students' response to a poll question and wants your comments about student-written movie and book reviews.

"Just pick what size you want, pick what major you want, and just look for any college that fits that."

Peter Carey

"I think when you're looking for scholar ships, it's best to look on a smaller level."

Ashley Asmus

"If you really want it, you'll make it happen."

Josie Miller

"If you save young, then that's just extra stuff that you can spend while you're in college."

Paul C. Brummett