Have Your Child Apply To At Least 6 - 8 Colleges And Universities

When deciding what academic institutions to apply to, pick an assortment of "safety schools", "competitive schools", and "reach schools".

Try to pick several schools where your child lies in the top 25% of the incoming freshman class. The more desirable a candidate, the better the chances are of a good financial aid package. Schools have a large amount of discretion as to whom they award grants and scholarships. Naturally, they will favor those candidates deemed more attractive to them than a slacker with a C plus average.

This means making sure your child applies to more than just 1 or 2 schools even if they're dead set on going to a specific school. By applying to about 6 - 8 schools, you will greatly increase your ability to negotiate financial aid packages at the end of the year by pitting one school against the other. (Yes, schools will negotiate!)