As economy worsens; students search for ways to finance an education

Students and families trying to pay for college are facing a complex financial puzzle that routinely requires a dizzying combination of grants, loans and money earmarked for retirement.

"It's crazy," said Trisha Brewton, a Tampa beautician who has been trying to find the money to send her daughter, Brialle, to Florida A&M University this fall.

It's no cakewalk for schools, either.

Over the past year, about 120 lenders have suspended all or part of their federal loan business, citing the loss of federal subsidies or an inability to resell loans. Others have cut discounts or ended their participation at certain schools.

And students who began their college years with traditional lenders have been forced to look elsewhere.

Brewton and her daughter have cobbled together all but $4,000 of a total annual bill she estimated at $17,500. They're using federal Pell Grants, scholarships, and Stafford Loans, and can tap into savings if they must.

"I didn't want her to have the responsibility to have to pay money back," she said. "Why pay for that the rest of your life, if you don't have to?"

The Brewtons are in good shape compared with some families who are still looking.