Some financial analysts said recent big bank problems will result in fewer banks being eager to loan money for homes, cars and even student loans.

High school and university students said they fear that will mean having even less money to attend college or continue attending.

Students have been hit hard in recent years with gas prices and the increase in tuition.

Current university students have advice for those looking to apply for college.

“As soon as they can do it, they need to because there might not be any money left and it might be difficult to go to school,” said William Risher of Central El Paso.

“If you have bad credit, you can pretty much kiss getting a loan goodbye,” said Austin Able of East Las Cruces.

Also keep in mind, parents will need good credit scores.

But if you think that fewer students will go to college because of tougher times, evidence suggests that in economic hard times, more people attend.

“Think about, for example, a graduating senior who has a difficult time getting a job. That person is more likely to stick around another few years and get an MBA or some sort of graduate degree,” said Jim Peach Professor of Economics at New Mexico State University.

Peach said now is a good time to keep some sort of savings. He believes students should wait on buying items like brand new cars if they are planning for school.

“And get good grades so that they can get scholarships,” Peach added.

“Forget the new car. If you really want to secure your future, you have to start saving now,” said Risher.

“I think people are going to have to start finding ways to finance their school now,” said Able.

And while lenders are tightening up their standards, don't bank on federal grants loosening up.

“To really increase the federal grants for students would require an act of Congress and I don't see any inclination on Congress to spend a lot of money right now on anything,” said Peach.