Getting an estimate of your Expected Family Contribution is really helpful, and it's pretty easy. The Department of Education's unfortunately-named Student Aid Estimator will calculate the FAFSA's EFC for you with a few data inputs; the College Board offers one for the CSS Profile.

Families of college-bound students are always looking for strategies to manage their Expected Family Contribution, and I’m happy to oblige. However, lowering your EFC is no guarantee of getting financial aid. And that’s why net cost is important.

A great deal of attention has gone to the renaming of the FAFSA’s Expected Family Contribution to Student Aid Index. The change is a good one, even if it is primarily cosmetic.

I get tons of questions about strategies for reducing EFC, especially those related to the Asset Protection Allowance. And there are plenty, but sheltering assets is typically the lowest bang-for-the-buck strategy out there: Every $1,000 you shelter will only reduce your EFC by $54. And that assumes that the school will meet your full need. Here are some better options…

The first step in lowering your EFC is to determine whether or not it’s worth doing. How to do that? Determine if you’re a need-based aid candidate at any of the schools you are serious about.