Recession Watch: What to do if your kid goes to college next fall

Parents of college-bound seniors everywhere are blanching. A lot of financial ugliness is coming down the pike, and here you are, ready to be hit with a whole new phalanx of expenses. What's a parent to do?

Start by debunking the stereotype of having to pay full ride for your child. There are lots of options for getting your kid educated without having to bust the bank. You and junior just have to be prepared to think out of the box.

First, strongly consider the community college option. Unless your kid got a full ride to their first pick university, It makes too strong financial sense not to examine this opportunity closely.