With the last applications for most private universities trickling in this month, the hard part for high school seniors is over. But for their parents, stuck with the hefty tab of private education, the stress has just begun.

College nest eggs have taken a beating in the economic downturn, and many parents are worrying that schools, faced with their own depleted endowments, might have to downsize financial aid packages.

But the word from private colleges is, well, chill out.

With two-thirds of private institutions worried about preventing a dip in enrollment, according to a recent survey, many are planning on reaching out to middle- and low-income families more aggressively than ever before.

Unlike wealthier private schools like Harvard and Yale, which rely on their endowments to cover roughly a third of their costs, small colleges are driven by tuition.

So maintaining access for middle- and low-income families by offering attractive aid packages is as much good business as it is a noble pursuit.

"Along with the social compact, making the institution affordable is important from a financial perspective, too," said Michael Beseda, vice provost for enrollment at Saint Mary's College, a Catholic liberal arts school in Moraga.

At Saint Mary's, endowment revenue makes up 6 percent of the budget, while student fees cover roughly 80 percent.

Maintaining enrollment relies heavily on keeping tuition affordable. Three-fourths of Saint Mary's students are on financial aid, covering on average about $25,000 of the school's $33,100 tuition.

Despite a downsized endowment, the school has no plans for cutting aid. Administrators are mailing affordability brochures and making community visits to assure prospective students that Saint Mary's can be as affordable as a public university.

That kind of effort to keep cash-strapped parents from immediately writing off private schools in the midst of a recession is widespread, especially at small schools.

Doling out some extra aid to students would be less painful than losing the tuition revenue that low- and middle-income families bring in altogether, said Tony Pals, a spokesman at the National Association of Independent Colleges and Universities.

That's why most colleges, Pals said, are steering clear of aid cuts, opting instead for hiring freezes and layoffs to tighten spending.

"The last place any institution will want to cut is its student aid budget," Pals said.

Cindy Cutts, director of the college and career center at Rocklin High School, said she has noticed an increase this year in calls from parents concerned about financial aid.

"In past years, we've had to kind of aggressively advertise our FAFSA workshop," she said. "This year, they're calling me saying, 'When is it?' "

Cutts is encouraging her students to apply broadly, and early, for aid – including the Free Application for Federal Student Aid and Cal Grant – and to wait until their aid packages materialize before they decide between public and private education.

For some families, private education ends up being cheaper, a reality that has become more common in the past decade.

Only 16 percent of students enrolled at private colleges pay full tuition, and just about half of all tuition costs, on average, are covered by financial aid. In the past 10 years, private schools have increased aid by 250 percent, nearly catching up to public schools in income level and minority representation in their student bodies, according to analyses by the National Association of Independent Colleges and Universities.

The University of the Pacific, a private school in Stockton, has already received more than 7,000 applications, for roughly 900 spots, with about a week left until the deadline.

Despite what's shaping up to be a record number of applications, administrators are still unsure they'll reach their target enrollment count. Robert Alexander, associate provost for enrollment, said he suspects high school seniors are applying to more schools this year so they'll be able to compare multiple aid packages once decision letters arrive.

Call The Bee's Robert Faturechi, (916) 321-1098.