THE MONEY RUSH.

Like many incoming college freshmen, Mia Cruz isn't sure about her career path. On the eve of her high school graduation, she's thinking of a job in law enforcement. Even if that plan changes, she's headed to college. Cruz accepted an offer of admission at Florida International University in Miami, not far from her home. The school has a reputation as a good bargain, but with the cost of in-state tuition at more than $3,300 per year and room and board adding $8,250 more, Cruz is searching for ways to fund her future.

Even this late in the admissions process, Cruz and most students headed for college have many financing options. The 18-year-old Cruz averages 16 points and 16 rebounds per game on the basketball team, a talent that might eventually net her some green from FIU. She has nudged up her grades during senior year, enough to qualify for Florida's Bright Futures Scholarship, which promises to meet 75 percent of the cost of tuition. Her partial Puerto Rican lineage qualified her for the state's Jose Marti Scholarship for Hispanic high schoolers. And then there are the dozen or so smaller scholarships for which she's applied over the past year. "Finding the money to go to school is more stressful than the application process, just because it's so uncertain," says Cruz.

Growing burden. Annual increases in college tuition are about as certain as death and taxes. The average total cost of a year at a private four-year college hit $31,916 in 2005-2006, a 5.4 percent increase over the previous school year, according to the College Board. As funding for higher education slowed in many states, the total cost of attending a public four-year school rose to $15,566, a 6.3 percent increase. Between 1996 and 2002, total undergraduate grant aid grew twice as fast as total borrowing, but recently that pattern has reversed: In 2004-05, the percentage of undergraduate aid in the form of grants declined for the third year in a row. Still, there's time to snag scholarships and grants.

Starting early is always the best advice, in addition to getting good grades and scoring well on the SATs. But even as the admissions letters are rolling in, students can take advantage of late-deadline scholarships and resources like their college's financial aid office. "Colleges have so much discretion with money that they rarely give you the best offer upfront," says Ivan Nalibotsky, a college financial adviser in Bethesda, Md.

In general, students would do well to apply for scholarships they are likely to win, rather than awards that will meet their full need. Smaller scholarships, even for a few hundred dollars, from the local Elks Club or the city council draw smaller applicant pools and can add up. "Looking for money late is bad, but it's a hundred times better than never looking," says Hyoung Kim, the director of a California college financial advising firm.

The government may also be a help. Sophomores and juniors looking to plan ahead should check out the new Academic Competitiveness Grant, which is available to students graduating after Jan. 1, 2006. It will provide students eligible for the federal Pell grants with more than $2,000 for their first two years of study, provided they maintain a 3.0 grade-point average and take challenging classes. The National Science and Mathematics Access to Retain Talent (SMART) Grant, available next year, will offer Pell-eligible students up to $4,000 for their third and fourth years of college, if they maintain a B average in science, mathematics, engineering, or in a foreign language "determined critical to national security."

While it may mean taking out loans, starting school a semester late, or putting in long hours in the library or a lab on a work-study job, a lack of funds should not stand in the way of college. "It's about building a bridge between the amount of money you have and the amount you need," says Brian Meegan, Mia Cruz's college counselor. "You can bridge the gap with a lot of little pieces or get lucky and have your need met with one award."

PHOTO (COLOR): High school senior Mia Cruz plans to attend Florida International University in Miami.

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By Alex Kingsbury

A valuable tax deduction for college students or their parents is disappearing. You can deduct up to $4,000 in college tuition and fees from your 2005 federal taxes if your adjusted gross income was less than $80,000 for singles or $160,000 for a married couple, but not next year.

Other education tax breaks are changing, too--for the better. The income at which you qualify for two federal tax credits--the Hope credit and the lifetime learning credit--has increased slightly. You can take only one of these credits per year per student. In 2006, you will qualify fully for either credit until your adjusted gross income hits $45,000 for singles and $90,000 for a married couple. The credits decrease gradually before phasing out at an income of $55,000 for singles and $110,000 for a couple. In addition, the Hope credit, which covers the first two years of post-secondary education, will increase by $150 in 2006 to a maximum of $1,650. The lifetime learning credit remains unchanged at up to $2,000. And educational loan interest is often deductible. While deductions reduce your income for tax purposes, credits cut the actual tax you pay dollar for dollar.