College and University fundraising has taken a hit in light of the economy with few donors, but wealthy donors are still giving. While 2007 was a record year, colleges expect alumni won't be as generous this year. Bad economic times often hit lower or mid-level donors the hardest and even though they donate modestly, colleges still rely on their money. In addition, colleges are finding that landing large gifts, the ones that get a building named after you, take a bit more leg pulling this time around.

As a result, schools are moving donors toward giving to financial aid and scholarship money funds rather than capital projects like construction. Cornell University has increased scholarship and financial aid fundraising goals and has found that donors are more receptive to give to the cause.

Rather than having a building named after them, sponsoring a scholarship for a student can be a more rewarding experience. Barnard College, for instance, is committing to match donors who sponsor $100,000 plus scholarships and are encouraging them to stay in touch with the recipients. Plus, when donors know where their money is going, they are more inclined to give. Over the next year, schools should focus on financial aid fundraising campaigns. If a wealthy school put their fundraising prowess towards aid rather than Olympian gyms, smaller donors may come back to help out. Why not pull a page out of the Obama playbook?

The California State University System is planning to cut enrollment by 10,000 students next year due to budget cuts. This is the first time the system will have to turn away qualified applicants. Whats more, applications have risen by 20 percent from last year, with a significant jump among students from community colleges.

Academic requirements will become more stringent at popular campuses and admit more highly qualified students. Most of the enrollment cuts will affect out-of-state and international students. Cal State will still give priority to qualified students and those from community colleges.

The $1 million dollar figure is kicked around a lot for the worth of a college degree and it drove one economist crazy. A recently released study reported in US News found that the actual price of a college degree is around $300,000. On average, college grads make over $20,000 a year more than high school graduates.

There are other benefits to college degrees, as well. College grads have better job options, lower unemployment, and are generally healthier. It still pays to attend college, just not as much as we thought.