As high-school seniors' college search kicks into high gear, many parents are fretting about how to pay.

While an ideal college savings plan would have started years ago, it's not too late to catch up. Here are some moves families can make during the next few months to boost savings in the right accounts and ease the financial-aid process.

First, schedule a basic financial check-up. Tally your income, expenses and savings, and identify where you can cut back — delay vacations or home renovations, for example. (One thing that's off-limits: retirement fund contributions.)

Financial aid insiders recommend that parents do the math with their children, to keep everyone's expectations in check. "It's important for parents to have realistic discussions about what they can afford," says Justin Draeger of the National Association of Student Financial Aid Administrators. This way, kids won't fixate on out-of-reach and out-of-budget schools.

Once the financial boundaries are set, aid experts suggest talking about where students stand the best shot at receiving merit aid. For example, a student with a 3.2 grade point average likely won't be showered with scholarships at elite Georgetown University, but may be eligible for certain grants at nearby University of Maryland.

"You can position the family's assets all you want," says Martin Greatorex of The College Navigator LLC, a college planning company in Milford, Conn. "But if you're not positioning the student [for the right schools], it's fruitless."

Regardless of your child's abilities, you can't bank on him or her winning a full ride. Accelerate savings in the final year before college if you haven't yet socked much away. Money meant to pay for a ski trip could go into a savings account, but with dismal interest rates, parents playing catch-up may want to put the funds in 529 college savings plans instead. Stay safe with short-term bonds or a money-market account — you won't see significant gains, but you won't see losses unless inflation spikes, either.

"Principal protection is of paramount importance" at this late point, says Steve Kutlenios, vice president of Allegheny Financial Group in Pittsburgh and a certified college-planning specialist. Participation in a 529 plan also provides a nice tax break, as earnings in the accounts grow tax-deferred and distributions are tax-free when used for qualified college costs. A number of states also provide thousands of dollars in income tax credits for residents participating in their plans, and five states give residents breaks for participating in any plan.

An individual can make a single $65,000 deposit without any tax hit by using up five years of gift tax exemptions at once, giving a major boost to the 529 account in one fell swoop.

While increasing savings is smart, you have to make sure that money is put in places that won't ultimately hurt your child's shot at financial aid. The basic rule of aid is that the more assets and income a family has, the less assistance the student will receive from government and institutional sources. ("So why save?" you may ask. Because the aid is never really enough.)

For families with college coming in fall 2010, the federal government will determine aid based on 2009 taxes along with the assets you hold on the day you apply for financial aid. To preview a potential package based on your expected year-end income, check out the government-sponsored calculator fafsa4caster.ed.gov or FinAid.org's Expected Family Contribution estimator. Schools need your tax returns before responding with an official aid offer — so keep organized over the coming months and file your return as early as you can.

Another way to estimate your contribution is to contact the financial aid offices at the schools your child plans to apply to, says Mr. Draeger of NASFAA. Aid officials should be willing to tell applicants the average amount students and families pay after federal, state and school aid. That figure "will really give [families] a more realistic depiction of how much they'll be expected to pay out of pocket," Mr. Draeger says.

For financial aid purposes, the income and assets of the child are assessed at a higher rate than the parents' assets, which means it's best to keep assets in parents' names. For example, if a child has $10,000 in savings, the school will likely ask for a $2,000 contribution, or 20%. If that $10,000 was in the parents' account, it would be assessed at a maximum 5.6%, or $560. Student income is also assessed at a higher rate than parent income. (Most 529 savings plans are considered parental assets.)

Because students' money is assessed at such a high rate, advisers recommend families spend that down first. Have your child buy that car or school-required laptop now so the account balances won't be so daunting. If you have a Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) account in which the parent is named as custodian or trustee for the child, the funds in those accounts will be counted as the child's at financial aid time. Be sure to consult a lawyer before using that money on your child's behalf to avoid legal complications.

People lucky enough to have generous extended family can ask for contributions to a child's 529 account rather than checks made out in Junior's name. Mr. Kutleinos of Allegheny Financial even recommends asking grandparents and uncles to hold off until after college graduation, at which point they can help pay off loans.

Even if your child spurns the well-priced local public university in favor of an expensive private college, don't withdraw funds from your retirement account. Qualified retirement accounts, including 401(k)s and IRAs, aren't included in financial aid assessments, so you would only hurting yourself down the line by making a withdrawal. If anything, increase your contributions over the next few months — your taxable income will drop, thereby decreasing the expected family contribution and boosting potential aid. Parents can also cut their income and assets by delaying bonuses and timing regular investment withdrawals carefully.