<p>I've heard some vague stories of most FAFSA applicants finding ways to get more awards by tweaking their financial numbers on their app to some sort of guidelines, but that's about all I know.</p>
<p>What do you know about this, and where can I read to find out more?</p>
<p>Thanks a bunch!</p>
<p>IFAP</a> - EFC Formula Information</p>
<p>is the link to the formula- you cannot really tweak things, but you can sure understand the formula and make sure that your situation is handled to maximize aid eligibility- for example if you have $10,000 owing on a car and $10,000 in cash in the bank that $10,000 in the bank is considered available for college expenses; if you pay off the car, then the value of the car is not considered an asset.</p>
<p>To understand what does and does not count as assets, read the actual FAFSA.</p>
<p>Of course, you will see most parents have asset protection in excess of $40k so that $10k is a moot point; also, if you need that money for living expenses, then you are not smart to pay off the car.</p>
<p>Mainly it is helpful in learning how things work and predicting your family aid so you can begin planning long before the finaid package arrives</p>
<p>somemom is correct. BUT if you've already filed an estimated FAFSA for the 2008-2009 school year, it is too late to spend down your assets. This needs to be done BEFORE you file.</p>
<p>In addition, you may NEED that $10,000 you spend on the car to pay for college expenses. Spending down $10,000 will not likely NET you $10,000 in additional aid.</p>