Whether you've got a senior waiting for college news or a junior just starting the college search, I think every parent should do two things:
1) Ask yourself if you are ready for your student to go to college.
2) Be honest about the answer.
This is a big transition for parents, too, one that's much easier for some parents than others. If you don't acknowledge that you're not ready, that pressure is going to manifest itself in unfortunate ways, like nitpicking your kids' college choices or trying to find reasons why your student shouldn't go to a school far away.
You're not a bad parent if you're struggling with the reality that your student is going to leave the house after eighteen years. You have the right to struggle with this. So if you are, just be honest. It'll make it easier for people to know that you need a little support, too.
And students, if your parents are honest and tell you they're having a hard time with this whole college thing, be nice. Don't necessarily change your college choices because of it, but go easy on Mom and/or Dad. You'll understand someday when your own kids go to college.