OP, the way that your parents, and you, hold assets affects your EFC. For example, FAFSA calculates a much larger percent of a student’s assets (savings, checking accounts etc) as “available” for paying tuition, compared to parental savings. So, it makes sense to “spend down” these assets first. There are some good overview articles out there (Forbes, etc). Your public school system may have free seminars on the FAFSA that will explain how it works so that you can make sure you have filled it out correctly. If you can afford a financial advisor, it is another route to consider but make sure that they are savy as to this specific topic.