Start assessing your family's finances about two years before the student plans to enter college. Your financial aid is based on your income for the calendar year before you start college.
Plan to attend college at the same time as at least one sibling, if possible. That way, your parents' income and assets are split between multiple EFCs, reducing each of them below what they would have been if you were in school at different times.
Save for college in a parent's name rather than the student's name. One of the best ways to do this is through a 529 plan account, which names the student as the beneficiary even though the parent owns the money and it is treated as a parent asset. In general, the parents' assets count less toward the EFC than the student's assets.
Minimize your family's unnecessary income during the year that will count on the FAFSA. Two major ways to do this are by not taking capital gains during the year and by not accepting financial gifts. This is especially significant for gifts to the student, which greatly affect the EFC.
Reduce your available assets before filing the FAFSA. Some ways to do this include paying down consumer debt, which does not appear anywhere on the FAFSA and making large purchases that you would have made anyway, such as a new computer for school. Do not make unnecessary purchases just to reduce your assets because you will lose much more money on the purchase than you will gain in financial aid.
Use the student's money to pay for college before using the parents' money. You file the FAFSA every year, so this will reduce the amount the student reports in assets the following year.
Increase financial aid by applying for outside grants and scholarships, which do not necessarily depend on your EFC. When you get these, ask your college to reduce the family contribution or your loans rather than reducing institutional aid.