(MONEY Magazine) – 1 The good news: You're done with tuition bills. The bad news: It's time to pay off the loans. How much do grads of private colleges usually owe? A $12,750 B $15,500 C $19,400 D $28,400

ANSWER: C. The real answer, of course, is too much. Nearly three-quarters of students who attend private colleges graduate with debt. At state schools, it's 62%. Consider that more than half of undergrads also carry a credit-card balance, and you may wonder how your kid will ever make it. To help, pay down the high-rate plastic. As for those federal student loans, your child can lock in a rate as low as 4.75% if she consolidates by June 30. Even if you can lend more of a financial hand, let her know that responsibility for those loans rests with her. "It lets your child know you're confident that she will succeed," says Jon Gallo, co-author of Silver Spoon Kids.

2 How long does it take the typical college graduate to find a job? A One to three months B Three to nine months C More than a year

ANSWER: B. As the job market picks up, employers expect to hire 14% more newly minted B.A.s this year than last. But even with the improved outlook, it generally takes several months to land that first job. Your child may get a hand from his college's career center: Ninety-six percent extend services to alumni. Also, ask friends for leads. In a survey by the Collegiate Employment Research Institute, employers said referrals from their own workers were a top source for job candidates.

3 What is the average starting salary for liberal arts grads this year? A $30,958 B $42,484 C $51,700 D $60,240

ANSWER: A. It's tough to earn big bucks with a philosophy degree. Salaries for liberal arts majors haven't kept pace with inflation, rising just 2% since 2005, according to the National Association of Colleges and Employers. The real money is in business and engineering: Starting salaries for accounting and computer-engineering grads are up more than 5% this year, averaging $46,200 and $54,200, respectively. Your kid majored in history? Suggest applying at larger companies, where the pay is usually better.

4 How much should you plan on spending on your adult child? A $0 (the buck stops at 22) B $8,100 C $15,600 D $21,800

ANSWER: D. A University of Michigan study has found that parents today spend at least 19% more money on their adult children up to age 34 than parents did in the 1970s. It's certainly okay to help your kid if that won't damage your chances for a decent retirement, but make the rules of giving clear, says Linda Gordon, co-author of Mom, Can I Move Back in with You? You'll chip in for a while toward, say, rent payments to supplement an entry-level salary, but you won't cover room and board so your kid can afford a luxury car and a killer plasma TV. After all, you're his parent, not his fool.

5 So over the course of your child's career, how much will that B.A. boost her pay? A $250,000 B $675,000 C $1.1 million D $3.7 million

ANSWER: C. The average college graduate will earn 76% more over her lifetime than a worker with just a high school diploma, according to a 2004 College Board study. If your child is worried about taking on even more debt to attend graduate school, here's a reassuring number: A professional degree, like a J.D. or an M.D., adds another $2.6 million over her career. So tell your kid to get cracking. Prep classes for grad school admissions tests are filling up!