New York (CNN/Money) - If you got a late start on college savings, you're not alone.

Contrary to popular belief, not everyone started socking money away the second their kids were born. Financial planners and college consultants say they see families doing the last-minute tuition shuffle all the time. If you're among them, take heart. The situation isn't ideal, but it's not impossible, either. There are still a number of steps you can take to lessen the pain.

The first thing to do is determine whether your child qualifies for any kind of financial aid, and if so, put the wheels in motion to make sure you get the best package possible. In the 2001-2002 academic year, more than $90 billion in financial aid was available to students through the federal government, states, individual schools, and private lenders. Much of it came in the form of grants that do not need to be paid back and federal subsidized loans that don't accrue interest until after graduation.

Many factors determine whether your child qualifies for aid and how much will be awarded, including the price of the school, the number of children you have in college at the same time and how eager a school is to admit your son or daughter.

Individual schools interpret need differently and have the leverage to give more favorable packages to the students they want the most. For this reason, it's important to shop carefully for colleges; not just for their academic qualities but also for their potential to offer financial aid or discounted tuition. It's where you apply that makes the difference.

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If you're behind your savings goal, the expense that lies ahead may look daunting. But that doesn't mean you should not save at all. A little bit goes a long way. By saving just $350 a month for one year, you would have enough to cover tuition costs for one year at a public university. The average for the 2002-2003 academic year was $4,081, according to the College Board. The same savings strategy would cover more than four years of books and school supplies for your child, which average $807 a year at private schools and $786 at public institutions.

And don't forget that your time horizon for saving doesn't end on the first day of college. In fact, if you think your child will qualify for subsidized student loans, your goal may not be to save for college per se, but to help your child pay these loans once interest and monthly payments kick in after graduation.

To make room in your household budget for savings, study your last six months of expenses to see how much you spend in a given month compared with your income. Once you know where your money goes, you can look for places to cut back. Next, set up a regular savings plan and have the money automatically drafted from your checking account each month.

If your child is going to need college savings in less than five years, put the money in a money market account or AAA government bond fund. With such a short time horizon, you cannot speculate on the stock market. If you have more than five years, consider investing in a conservative portfolio of stocks and bonds. And remember, don't put any money in your child's name, lest it be considered their asset for financial aid formulas.

Let's face it. Even if you qualify for financial aid, you or your children are probably still going to have to take on some debt. Even the most generous financial aid packages include some loans.

The most desirable loans are awarded with financial aid in the student's name and are subsidized by the government. With Perkins loans and subsidized Stafford loans, no interest accrues while a student is in school and payments don't start until after graduation.

Students who apply for financial aid and don't qualify for the subsidized Stafford loans can receive an unsubsidized Stafford loan, which accrues interest during school but has far more favorable interest rates than those issued by commercial banks. Likewise, PLUS loans for parents are also more favorable than bank loans.

If your child does not qualify for a government subsidized loan or finds that it's not quite enough, consider a home equity loan first, then look into a bank loan designed specifically for education.

With all this talk of tax-friendly savings tools and low-interest loans, you might start to imagine that all parents pay for tuition. That's far from the truth. The National Center for Education Statistics (NCES) reports that about 50 percent of undergraduates are considered financially independent from their parents - an overwhelming number considering the cost of college today. Many parents simply can't afford it. Others decide it's their child's responsibility to pay their own way. Regardless of your reasons, there are still ways you can support your child on the road to higher learning.

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For example, there are several tax-advantaged savings tools that are helpful to college students who go it alone. You'll want to make sure your child takes full advantage.

The Hope Credit, which is limited to the first two years of undergraduate schooling, provides a tax credit of up to $1,500 per student subject to annual income caps for educational expenses. For the third and fourth years of college, the Lifetime Learning Credit provides a tax credit of up to $2,000 per family (or student, if he or she is footing the bill). It too is subject to income caps.

While the ever-popular 529 savings plans are generally targeted to parents, they are useful for kids, too, who are looking for ways to make the most of money they make from mowing lawns and birthday gifts. Earnings in such an account became tax free in 2002, assuming the money is used for educational purposes. But minors who open such accounts must do so with the help of a parent or legal guardian.

You should also coach your child to save responsibly during his or her college years. In many cases, that means holding down a part-time job during the school year and a full-time job during the winter and summer breaks. Saving money earned during the college years can relieve much of the stress associated with post-graduation debt. Not only can they start paying back their loans as soon as they graduate, but they also gain saving skills that will help them throughout their lives.

When others are out partying, and your son or daughter is working the late shift, it helps to remind them they're not alone. The Bureau of Labor Statistics reports that about 60 percent of students between the ages of 16 and 24 work either full-time or part-time. And many say it's a character-building experience.

Paying their way through school, however, doesn't have to mean scrubbing floors. There are a number of creative ways for your child to make some cash – the trick is knowing where to look.

AmeriCorps, for example, a year-long national service program, offers college-age kids the chance to earn extra money and even college credit. Members of the program mentor at-risk youth, build affordable housing, provide health screenings and help non-profit groups nationwide.

Beyond the benefits of serving a community in need, however, AmeriCorps members receive a $4,725 education award after a year of service, which can be used to pay tuition or repay student loans. They can earn up to two awards, meaning the program offers them an opportunity to put a dent of nearly $10,000 in their tuition bill.

AmeriCorps is the only U.S. service program of its kind, enrolling as many as 50,000 people a year. Its various programs have different requirements and deadlines. Some, like Teach for America, run on the school calendar and require a bachelor's degree. Others simply require applicants to be U.S. citizens over 17.

While your child serves, he or she can apply for forbearance on student loans. That means no payments need to be made during that time. Interest continues to accumulate, but if your child qualifies for forbearance and completed his term of service, AmeriCorps pays some or all of the interest that accrued on those loans.

AmeriCorps members may be able to cut higher education bills even further, however. Colleges like the University of Vermont and Northeastern University in Boston, Mass., offer course credit or scholarships for participation in the program. Many graduate schools, including Brandeis University, in Waltham, Mass., and Clark University, in Worcester, Mass., will do the same.

For a full listing of schools that offer scholarships and incentives to AmeriCorps alums, visit the AmeriCorp Alums Web site at: www.lifetimeofservice.org.

The non-profit has convinced many schools to offer incentives to AmeriCorps members, whether it's by matching the education award, offering a scholarship or granting course credit for experiential learning to AmeriCorps alums.

Summer jobs, of course, are the other option for college students seeking cash. And they've come a long way since the days of flipping burgers and mowing lawns. Interesting job opportunities abound for enterprising young adults, including tour guide posts at national parks, amusement park ride operators and lifeguarding. Some pay better than others.

When hunting for work, teens should start by seeking out seasonal jobs. The National Park Service, for example, hires some 3,000 seasonal workers each summer to staff its 370 parks across the country and in Guam, Puerto Rico, and the Virgin Islands.

Many pay a small stipend of several hundred dollars per month with free room and board, making it more of an experience than a money-making venture. If your child is angling for a temporary gig at one of the more popular parks, including Yellowstone and the Grand Canyon, his or her application had better be competitive. Tens of thousands of would-be workers apply each year.

If your child strikes out at the national parks and is still longing to unite with the great outdoors, there are always resorts and dude ranches that cater to park tourists instead. At the 1,500-acre Home Ranch, near Steamboat Springs, Colo., for example, seasonal workers can apply for positions as hiking guides, wranglers, office assistants, fly fishing guides, bakers and even housekeepers. Summer staffers share a variety of cabins and dormitories and earn about $1,200 per month.

Guides must be at least 21 years old.

Cruise ships, too, provide an outlet for students over 18 who are looking for summer employment. But it's not all fun in the sun. Be prepared for physically demanding work, long hours and low pay, insiders say. And come to the interview armed with energy to spare.

And don't forget amusement parks, which staff up during the summer months with teens who are 15 years and older, creating a camp-like atmosphere with low rent and on-site housing in many cases. Most need booth operators, grounds assistants, security staff, concession stand help and ride operators.

Some, including Six Flags Great Adventure in Jackson, N.J., even hire safari gatekeepers and wardens. In addition to their hourly wages (which start above minimum wage), employees receive free park admission, six free guest passes, and are encouraged to participate in softball leagues, barbecues and bingo. They also enjoy 40 percent discounts on park merchandise.

Finally, there's always lifeguarding, which pays well but requires certification in life saving and CPR, not to mention First Aid. Beach positions may be in demand, but apartment management companies tend to pay the most, offering Memorial Day to Labor Day employment to lifeguards at swimming pools throughout its complexes.

Lifeguards can earn between $5,000 and $8,000 during the summer months, depending upon where they work. And pool operators, who are trained to manage a staff, operate the pumps and control chemical levels in the pool, can make another $3,000 per summer. Note that many lifeguards work 6 days a week with no weekends off.

The excerpt you just read is from Get a Jump! The Financial Aid Answer Book, which includes contributions from CNN/Money editors. If you're interested in more of the practical and money saving financial aid advice the book has to offer click here.