Find Your Way Through the Financial Aid Process

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

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 successfully 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 (January 1st). You can estimate income or simply look at your final W-2 for the year to answer questions regarding yearly earnings and finances.

* Begin with the FAFSA: The Free Application for Federal Student Aid (FAFSA) should be the first form you complete, even if you're aware you don't qualify. Other types of financial aid, such as state grants and loans, typically require that you fill out the FAFSA, so this should be done first and as soon as possible.

* Go for the gold: Students should apply for all types of available aid, be it a loan from Uncle Sam 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: Particularly for parents going through it for the first time, the college and financial aid application process can be overwhelming and even intimidating at times. High schools have counselors 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. That's why such offices exist.