From my own experience, if you're self-employed, take whatever your FAFSA EFC was and multiply it by 1.5 or maybe even double it.
Okay, not scientific at all, but I honestly (stupidly, I guess) thought some of the very pricey schools MIGHT see a $25,000+ gap between EFC and COA as something worthy of a bit of grant aid. They were willing to offer a package of loans, loans and loans...I have a (very) small business and what I consider a decent income, but not rich. My only assets are my computer & my brain, neither of which is worth much on the open market!
Luckily I had discovered CC and researched and realized my D had better have some financial sure-bets, because I wasn't up for taking loans of that size. We had saved, and we have good income. We are so fortunate. No complaints--just learned to be realistic & found great options that we can manage. Don't get me wrong--we're still scrimping to do it, but we're not getting in big debt.
While your experience may be completely different (so many variables!) be SURE your child applies to 1-2 schools that they will like to attend and that you can AFFORD.
Read this Financial Aid board, so much helpful information!