Many parents are not only worrying about making ends meet, but also looking to the future and wondering how they're going to send junior to college as tuition rates rise and their investments fall. Of course, you can always hold out hope that your little genius will get a full scholorship, but it's probably a good idea to know what your options are just in case that doesn't happen. CNBC's Carmen Wong Ulrich is here to help us understand the different types of college savings plans:

Have a money matter you'd like Carmen to take on? Post your questions here in the comments or email us directly at ivcommunity@mail.ivillage.com

Watch Carmen Wong Ulrich's 'On The Money' Weeknights at 10PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.