In the book "Coming Apart: The State of White America, 1960-2010" by Charles Murray, he states that for children with two white parents, the expected IQ as a function of parental education is as follows (p66, available on Google Books)

95 -- two high school dropouts
101 -- two high school graduates
109 -- two college graduates
116 -- two parents with graduate degrees
121 -- two graduates of elite colleges

Race matters too.