College students are graduating with an alarming amount of debt. They are being saddled with note only student loans but loans from family members and credit cards. Part of the trouble stems from our inability as parents to prepare our children for the financial realities that they will face as college freshmen. We are simply not having the open and honest communication early enough about our expectations and their expectations as well. Who will pay for what expenses? Will your child have to work part-time to pay for tuition? Will you give him or her a credit card to use? These are all important topics that I discuss in this episode of "Your Money: Your Choices" when I interview Jonathan Clements who is the Director of Financial Education for Citi Personal Wealth Management and also the author of “The Little Book of Main Street Money: 21 Simple Truths that Help Real People Make Real Money (http://www.amazon.com/gp/product/0470473231/ref=as_li_ss_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=0470473231&linkCode=as2&tag=ymycpodcast-20)”. It is a great conversation for parents with children of all ages that you won't want to miss. Additionally, I talk to Tim Higgins is the author of the book, “How to Pay for College Without Sacrificing Your Retirement (http://www.amazon.com/gp/product/0972002189/ref=as_li_ss_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=0972002189&linkCode=as2&tag=ymycpodcast-20)”. Tim and I talk about specific ways that parents can cut down on the cost of college for their children. Tim focuses in his book on college planning with a holistic approach to paying for school. During our interview, we cover a wide range of topics such as 529 College Savings Plans, choosing the right college major and what a difference it makes, how to pay for college using cash flow, and a host of other great topics. If you have a child in college or one about to go, you will not want to miss this discussion on the podcast. Choosing the type of school you can afford, determining the types of savings plans you utilize.