You can calculate the FAFSA EFC—the formula is available. Use the 2018 race return numbers for income. Yes, 401k contributions made have to be added back to the income. Also any child support paid has to be included.
The Federal Government has only PELL grants and loans available as financial aid. Doubt very much if this student will get any PELL. And we are talking about, at most $3500, in subsidized loans as a freshman, $5500 in loans altogether that first year, so really a drop in the bucket. Do research what your state has in the way of financial aid for college and see if the student qualifies.
Schools that use just FAFSA only do not tend to meet full need. They tend to give out the federal and state entitlements , and then it can vary greatly what they give out of their own funds. Run the NPCs for the FAFSA only schools and you can get an idea what they might give.