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 $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.

The Texas legislature has passed law that would tough requirements to the state's student aid program. Now open to both community college and 4-year college students, the new program will only be open to students who attend 4-year schools. In addition, students must now also meet two of the following requirements.

• Graduate with the Distinguished Curriculum or International Baccalaureate.
• Graduate in the top third of a high school class.
• Achieve a college-ready score of 1590 on the SAT or a 23 on the ACT.
• Graduate from high school with a 3.0 GPA or the standardized equivalent.

It appears that Texas has taken steps to stretch the money in light of dire economic straits. While it may be necessary, it will leave out community college students who may not have the money to attend 4-yeat colleges even with the state grant. We will likely see more measures that will further constrict student aid across other states.