As high school seniors get ready for their final year of high school, many students and their parents are getting acquainted with the financial aid process. With college on the horizon and the economy in flux, more families are expected to seek financial aid to help finance their kids' college education.

Canada student loan debt surpassed $13 billion in January 2009 - the highest it's ever been. And two years following graduation, the average student still owes around $20,000 with one-third admitting to having difficulty paying off those debts. According to the Canadian Federation of Students more than 360,000 students required loans from the federal government.

Even for parents who have done it before, the financial aid process can be confusing. For parents of high schoolers about to begin their secondary school swan song, consider the following tips to navigate your way through the financial aid process.

* Don't stall or procrastinate: Financial aid partially works on a first-come, first-serve basis, so it's best to apply as soon as you can. You can estimate income or simply look at your last T4 to answer questions regarding yearly earnings and finances.

* Go for the gold: Students should apply for all types of available aid, be it a loan or individual grants and scholarships. Each school has a number of unique scholarships and grants, and parents and students will never know about them unless they ask. It's typically free to apply, so it can't hurt to apply for anything and everything.

* Seek help and advice: High schools have counsellors who have been through the process numerous times and who are more than glad to help. If your child has a particular school in mind, don't be afraid to contact that school's financial aid office and ask for help as well.

Many financial institutions and corporations also offer awards and scholarships. The Firkin Group of Pubs is bringing back its “FU 2 Student Debt” contest, running until September 30.

Larry Isaacs of the Firkin Group of Pubs says, "Students work hard to earn their degree but there is not enough support for them when they finish school. Firkin is proud to help worthy students and graduates kick-start their careers by relieving some of the pressure to pay back their loans."

In 60 seconds or less, participants are encouraged to share their stories of greatness in a “R U Worthy?” video and then upload it to www.firkinuniversity.com for everyone to see. The public will narrow down the choices to 25 videos. The final round will be judged by the "tougher than Simon Cowell" Firkin University faculty panel. Five winners will receive a $5,000 award to pay down their student debt.

For more for tips on how to minimize student debt while in school, visit www.firkinuniversity.com.