Is it 2009-2010 or 1972-1973? If you're paying college tuition this year, it may be hard to tell. Tuition is up only 4.3% for the coming school year, the lowest rate of growth in 37 years, according to a survey of 350 private schools by the National Association of Independent Colleges and Universities. This is down substantially from the 5.9% increase for the 2008-2009 school year. Of course, this is for tuition only and does not include room and board inflation.

Before celebrating, though, remember that depressed housing prices and constrained financial markets make it tougher to dip into home equity to pay for school (a favorite strategy of the past few years), and layoffs are putting an obvious strain on household finances. So, the bargain in all this may be hard to find, even with financial aid increases of 9.2%.

Harvard reports that the value of its endowment has declined $8 billion between the end of June 2008 through October 2008. That would make Harvard's endowment worth 22% less than at the end of June, or $26.9 billion -- but it probably has further to fall thanks to illiquid assets like private equity interests. Meanwhile, Harvard and its peers could be in trouble because fewer people will be able to afford college given the market crash. That will mean college administrators are facing some tough choices.

Harvard is responding to the decline in its endowment by taking a "hard look" at staffing levels and compensation. It is forecasting a 30% drop for its endowment ending in June 2009, which would bring it to $25.8 billion, down another $1 billion. While this strikes me as optimistic, it does suggest the extent of the damage and the challenges Harvard and its peers face.

The options for universities are dwindling. A study suggests that tuition has risen 439% since 1982 while median family incomes have increased only 137% during that period. If tuition continues to rise at that rate, few families will be able to afford college. With the student loan market in dire straits and incomes likely to fall further due to layoffs, the only way for colleges to attract top students who can't pay will be to cut tuition even more on the lower income families while making up the difference by raising tuition for the wealthiest ones.

We've all read about how expensive college educations can be. Hopefully, you're stashing away your hard-earned bread to be able to send Timmy to Princeton. Don't worry if you can't -- endowments and scholarships are picking up the slack.

But, for those on the upwardly-mobile track and thinking of sending your kids to an elite high school, get ready for some sticker shock.

The NYTimes.com reports today about growing tuition rates and endowments at some of the nation's leading prep schools.

While schools such as Exeter charge almost $40,000 for tuition, room, and board according to the article, that's just a fraction of the average of $63,500 annually Exeter fronts to house and educate each of its 1,000 students.

So, what's an aspiring family without the requisite resources to do?

My husband and I don't yet have children, don't know if we want any, but I am sure of one thing: college funds for these hypothetical offspring need to be opened immediately.

The College Board said this week that the yearly cost of in-state tuition for a four-year public college jumped 6.6% from the 2006-2007 school year hitting $6,185. This follows a 5.7% increase last year from the 2005-2006 period. Private universities saw the annual tally for tuition and fees rise 5.5% to $16,640. The most affordable education can still be found at public two-year institutions, where costs rose just 4.2% from last year to $2,351 per year.

And that's just tuition and various fees. For students who live on campus (40% at public schools; 64% at private), the cost of room and board jumped 5.9% at public schools to $13,589. To live, eat, and learn on a private-school campus, it will cost $32,307 per year, also a 5.9% increase from last year.

The idea that parents should pay for their children's college education is widely seen as conventional wisdom -- after all, isn't that what those 529 plans are for? And Upromise, the program where buying groceries helps you put money away for your children's future?

I was a believer too until I read Ben Stein and Phil DeMuth's book Yes You Can Get a Financial Life! There, the authors argue that a college education is a capital asset and that it makes the most sense for the beneficiary of that asset to foot the bill. Stein and DeMuth believe that kids who pay for college may value it more, and that student loans and work-study programs are available to make it possible for kids to go to college without parental support.

And as they wrote, "If Mom and Dad really believe they are doing something noble by depriving themselves so their kids can stay out all night drinking in Nassau during spring vacation, that has little do with rational thought."

But do Americans really want to do that?

In this multi-part personal finance series, readers will learn various ways to help save money for a college education, from off-the wall-scholarships and 529 programs, to the right time to refinance your loans. Parents and students alike who read this series will find something to help reduce the costs of a higher education before, during and after it takes place.

Part 1: Scholarships

I graduated from St. John's University in New York by the skin of my teeth -- not because of my grades, but because my family could barely afford the $14,000-a-year tuition. If it was not for the help of several scholarships, I would not have graduated from the prestigious university, which includes notable alumni such as the "Voice of the Yankees" Robert Shappard, former New York State Governor Mario Cuomo and NBA star Ron Artest.

To qualify for a scholarship, one does not need to be a math genius or a star quarterback. What you need is an imagination, the ability to write a few essays and some luck.

When it comes to needing money for higher education, it's everywhere. You just need to know where to find it.