Cash-Strapped States Cut College Financial Aid - CRISTINA LOUROSA-RICARDO, Wall Street Journal

College financial-aid season has just kicked off, and experts say students seeking state grants had better act fast. At least six states, including Illinois, Kentucky and Tennessee, now have "until funds depleted" policies on grants, meaning late filers risk getting nothing. Other states are shrinking the application window. Oklahoma, for example, moved its grant-application deadline to March 1 this year, two weeks earlier than last year. Oregon's Feb. 1 deadline is the earliest of any state for the second year in a row. "It's essentially a technique for reducing the number of students who qualify because not everyone will [apply] on time," says Mark Kantrowitz, publisher of FinAid.org and FastWeb.com. Thanks to growing budget deficits and rising demand for financial aid, states say they're running out of grant money earlier and earlier each year. Many cash-strapped states have cut student aid, while colleges have been raising tuition.