The Aid Formula

To get your fair share of financial aid, complete a Free Application for Federal Student Aid (FAFSA) and submit it online, or get one from your prospective school and mail it in.

Typically, the less you earn and have, and the more kids you have in college, the less you’ll be expected to contribute. But even six-figure earners should still apply.

The expected family contribution calculation takes into account both the assets in your name and those in Your Child's name, like an Education Savings Account (ESA).

To get the maximum you’re entitled to:

• Provide the right information. Disclose income and assets, like savings accounts and mutual funds, but not retirement accounts like IRAs, 401(k)s or Thrift Savings Plans.

• Pay off debt. This will reduce your assets and boost aid prospects.

• Ask questions. Both Sallie Mae and the U.S. Department of Education have informative Web sites.

Your expected family contribution amount is a guideline. Colleges you apply to may offer more or less aid. Once you get a financial aid package from the college, you may be able to negotiate a better deal.