Reduce assets in the student's name by placing stocks, bonds, and other investments in the name of a grandparent or other close relative. The money does not need to be listed on federal financial aid paperwork, but can still be used to pay college tuition.
Place as much money as possible in retirement plans like the 401k, since these do not have to be reported as income or assets.
Make any big purchases, like a family vacation or automobile, prior to filling out the FAFSA. This reduces savings that have to be reported.
Review the Student Aid Report (SAR), which will be sent to you shortly after filing the FAFSA. The SAR contains your Expected Family Contribution. Miscalculations and financial errors may reduce your Pell Grant.
Have two or more students in college simultaneously, since the government provides greater allowances for multi-student families. All students must be enrolled at least half-time and working toward a degree.
Students already attending college should participate in work-study programs. This money counts as financial aid and not income when filing the FAFSA. Any money made in work-study is not applied toward your Expected Family Income.
Use low estimates if filling out your FAFSA using estimated tax returns from the previous year. When taxes are done, submit actual tax returns. This may reduce your grant money, but if you guess high and receive less funding, it will be extremely difficult to receive additional aid even though you are eligible.
Determine if you meet federal requirements for being independent or emancipated. If so, and you make less than $15,000 per year, you likely qualify for the Automatic Zero EFC, guaranteeing you a full Pell Grant.