Last Minute Tuition Hikes Coming

Many college students and their parents are about to get a surprise that could derail years of careful financial planning : last-minute tuition increases and cuts to financial - aid packages . As states have finalized their budgets in recent weeks and months, cuts to public college funding have started to trickle down to parents and students. Since March, at least 19 states have cut money for public colleges. Some, including Illinois and Georgia , also are slashing grants awarded to students just a few months ago. Still more families won't find out about changes to tuitions and financial-aid packages until the end of the summer or even after the semester begins. The states blame declining revenue . Last month , Texas and New Hampshire announced 6 % to 10 % tuition hikes at some public universities. This month, some of California's four year colleges approved raising tuition by up to 12 % , on top of an 8 % to 10 % increase announced earlier this year. The most generous portions of financial-aid packages also may never materialize. In June, New Hampshire ended ALL State Grants. Earlier this year, Georgia and Illinois awarded grants to students in financial-aid packages , but the states recently scaled back these programs. -- written by AnnaMaria Andriotis SmartMoney.com