It’s not too late. No, you didn’t have to start the financial planning for your children’s college education when they were in diapers. Even if you have a high school senior, there is still a lot you can do.

How do you get your financial house in order? My first suggestion is to invest $17 in the brand-new “Right College, Right Price — The New System for Discovering the Best College Fit at the Best Price” by Frank Palmasani (www.collegecountdown.com). Palmasani, a veteran guidance and college admissions director, has written a really smart, accessible book on how to successfully navigate the financial side of the admissions process.

Parents who are otherwise practical often lose sight of practicality when they begin thinking about their children’s college education. Yes, college is an investment in their future, but creating mountains of debt doesn’t help a student become more independent.

Palmasani says there are no “silver bullets,” but there are definitely better ways to plan and smarter decisions to be made. The first step is to figure out what your family can afford and identify colleges that fit your pocketbook. You’ll need to understand the financial-fit categories: flagship state schools; non-flagship state schools; flagship state school out-of-state; non-flagship state school out-of-state; highly selective private schools; midsize private schools; traditional private schools; community colleges.

There are many misconceptions about financial aid. Don’t assume because the price tags are higher that you can’t afford a certain school. Harvard University has a sticker price of more than $55,000, as do many of the more selective private colleges and universities.

But the “Harvard Plan” offers free tuition and free room and board to any student whose family’s income is less than $60,000.