Student leaders fear a "huge shortfall" of more than £11 million in financial support could see colleges close their doors to some learners or slash vital bursary payments.
The National Union of Students (NUS) Scotland voiced its concern after the Scottish Funding Council (SFC) announced it was making an additional £3.5 million available to colleges for student support in the current academic year
But colleges had requested a total of £14.7 million to top up bursary and childcare funds, leaving a shortfall of £11.2 million - up by 128% from £4.2 million last year
Robert Foster, NUS Scotland vice-president for education, said: "These figures are extremely worrying for college students across Scotland.
"There's a huge shortfall in vital financial support for college students, to the tune of £11.2 million, and we're really concerned that this could see colleges closing their doors to new students or individual students getting less financial support, or even none at all."
He added: "Colleges support some of our most disadvantaged communities, so a shortage in these funds could be a disaster for those who rely on student support the most, including students with children trying to get back into education.
"The Scottish Government has invested additional money in the past and we must see them act this year too, as clearly funds are not keeping up with demand.
"We also need serious reform of the system so that students receive an entitlement to support, protecting them from budget shortages.
"The Scottish Government must find additional support funds for college students this year and ensure that is continued for the future through the final budget vote early next year.
"Without more money and reform of the student support system in colleges there is a real risk that students studying now will be hit extremely hard and we see that repeated year after year."
Liberal Democrat education spokesman Liam McArthur claimed that the "SNP's raid on college budgets is having a direct impact on young people's pockets".
Mr McArthur said: "Students need this bursary funding to help them manage the cost of living whilst studying.
"Many won't understand why the SNP are slashing this budget at a time when we need to do everything we can to boost jobs and growth.
"In some areas we know that more young people go on to college instead of university.
"These cuts will strike a damaging blow to the people who need help the most and blows a further hole in the SNP's claims to be committed to widening access.
"Scottish Liberal Democrats know that we can only build a fairer society through creating opportunities for all.
"This is the real test for new Education Secretary Angela Constance to prove if she will adopt a different, more constructive approach than her predecessor and finally deliver for college students."
The SFC said that demand for student support was "unpredictable" and to help match funding to demand as closely as possible it carries out an in-year redistribution of student support funds in the autumn of each year.
It stated: "The total amount of funds requested by colleges is £14.7 million. There is £3.5 million available for redistribution.
"This means that, as in previous years we will not be able to meet all colleges' requests in full."
The SFC has prioritised allocations to New College Lanarkshire and South Lanarkshire College; Ayrshire College; Perth College and Glasgow Kelvin College, who will receive just under 30% of the amount of cash requested.
Most other colleges will get a fifth of the money they had asked for but five colleges will not receive any extra cash, with the SFC saying these institutions had not used a "significant proportion of additional funding" that had been allocated to them in previous years.
A Scottish Government spokeswoman said: "The further education student support budget is at a record level of £104 million, meaning students are receiving more financial support than ever before.
"This redistribution exercise is an annual process designed to ensure funding is allocated in the most fair and equitable way.
"It is not at all unusual for requests for additional funding to exceed the amount available for re-allocation.
"We would expect colleges, as they have done in the past, to do everything possible to ensure students are not disadvantaged."
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