One of the best ways to qualify for the maximum college grant is to keep college savings under parents' names. That's because financial-aid formulas "tax" student assets much more heavily than they tax parent assets, says Bissonnette. Similarly, families should spend down the student's assets and income first, since student assets count against them in determining aid amounts.
Another way to maximize aid is to minimize cash on hand. Families should accelerate necessary expenses, such as buying a car or computer, to reduce available cash before filing the Free Application for Student Aid, according to FinAid. Similarly, large monetary gifts from family members like grandparents should also be delayed until after filing FAFSA forms.
