If you didn't have a frank talk with your student about finances when he or she was a junior (see http://talk.collegeconfidential.com/parents-forum/1638399-parents-of-high-school-juniors-talk-finances-now-p1.html), you really need to do it now. I wrote this in the other thread: If you are the parent of a high school junior who will be applying to colleges next year, now is the time to take a close look at what you will be willing and able to pay toward your kid's college education--and to make sure your kid understands it. You may never have told your kid about your family's finances--now, you must do so, even if you'd rather not. Don't be the subject of a thread next year when your kid says, "My parents told me I could apply to any college I wanted and they'd make it work, but now they're saying I have to go to the relatively undesirable college that's giving me a scholarship."
So, look at some price calculators on college websites, get financial advice, think about whether your kid will have to have scholarships, what you feel comfortable borrowing (if anything), what you will expect your kid to contribute, whether you will expect your kid to pay back any of the money you spend on education, etc. And share the result with your kid. There should be no unpleasant surprises when acceptances come in next year--at least, there should be no surprising changes in your position.
This is even more important now, when they are actually applying.
Another point from the old thread, and relevant for a lot of CC families: Essentially every student who has the stats for a highly selective college will have much, much cheaper options--probably even virtually free options. This should not come as a surprise to anybody, and you should have a discussion NOW about what you will do if your kid is admitted to Selective College at a high cost and Good State College for much less cost.
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