Just some ideas about how to pay for college:
Since you are worrying about it, he must be starting in September, right? You don't have to pay for the full year up front... look at it on a semester basis. You have more than enough to pay for the first semester and most of the second as well. And that'll give your son plenty of time to get a job and start contributing to his own education. If he wants it bad enough... he will. It's good for college students to work and help pay for the things that are important to them. It helps them develop a good work ethic which is, IMO, more important than the degree itself.
And if you stop claiming him on your taxes now, his income will be low enough next year that he will qualify for his own loans (and probably pell grants) and your bad credit shouldn't even be a consideration.