That school is the venerable Sarah Lawrence College in Bronxville, NY – hardly more than a stone’s throw from Consumer Reports headquarters in beautiful not-quite-downtown Yonkers.

Sarah Lawrence’s prestigious list of graduates includes people like designer Vera Wang, Pulitzer Price-winning author Alice Walker, and TV journalist Barbara Walters. And at $53,166 tuition, room and board at Sarah Lawrence is higher than the medium annual household income. Ouch! And Sarah Lawrence isn’t alone. George Washington University, New York University, and dozens of others are in the same ballpark.

I guess it’s just a sign of the times. But what a lousy time for college costs to keep rising – right when most of us are grimly watching our financial lives fall apart.

When it came to my daughter’s education, for example, my wife and I thought we’d done all the right things. We set up a 529 College Savings account when she was only a couple of years old, and making regular contributions. But who figured on an economic meltdown? When I looked at my most recent statement, for the nine-month period between January and September the account had dropped in value by nearly $7,000 – which is more than my entire four-year education cost.

Sure, I realize there’s inflation (even though tuition seems to be increasing at two to three times the current inflation rate), but the point is clear. I dread seeing what the next statement’s going to look like. And the timing! My daughter is a high school junior and the clock is ticking.

So what’s the average person to do aside, from taking on massive debt and years of student-loan payments. Community college is becoming a more affordable option for some families, since you can transfer after two years to a state school or more prestigious private institution to complete your degree. And no one will ever know, since the school you graduate from is the one that awards the degree.

Scholarships and financial aid packages are options, as well, and many schools, even expensive ones, offer generous packages to help defray the costs.

The experts over at The Consumerist have a nice collection of articles on financing college. If you’re the parent of a soon-to-be college student, you might want to check them out.

Has the economy wreaked havoc with your family’s college plans? Have you or a loved one had to put off school, trade down, or come up with creative financing to make a college education a reality? Please pop in a comment below -- or write to me at tightwad at cro dot consumer dot org.