President Barack Obama straightens his tie before he receives an honorary doctorate of laws degree during the Morehouse … For a talented, creative few, there’s David Letterman. For most, there’s a labyrinth of paperwork, hard decisions and painful sacrifices that could have dramatic repercussions on their financial health decades from now.

Paying for college in America is hard . And a fight may be brewing in Washington that could leave college grads paying more – maybe a lot more.

Where does Letterman come in? The late-night comic endowed a scholarship at his alma mater of Ball State University in Muncie, Ind. The Letterman Telecommunications Scholarship – grades don’t count, but proven creativity does – has helped 84 students since the 1985-86 school year, for a total of $448,048.

But when scholarships and grants – outright gifts either from the government or private institutions and individuals – fall short of covering escalating