http://ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdfHere is a link to the EFC formulas. You can work thru all the calculations to see how the FAFSA comes up with your Expected Family Contribution. Seeing how the formulas use your income/asset/family size/age numbers will give you an idea of how you might be able to adjust finances to maximize your EFC.
You are late in looking at financial aid considerations. The FAFSA you just filled out (for the upcoming school year) is based on last year's income/tax return (2013), so any financial aid planning or changes would have needed to be made
before 2013.
As far as scholarships, have your child visit the HS guidance office to apply for ALL available local scholarships. There are usually a variety of Rotary, FFA, 4H, Vet's Post, etc. small scholarships, but small amounts can add up. These groups often leave the decision making to the guidance counselors, so you have to make sure they know you want to be considered for these awards. Being active in sports, music, clubs, outside activities and volunteering are all important to meet the requirements for the awards; each group has a different set of criteria, but I have seen that "extras" are a common theme.
Has your child applied to any other colleges? I've only seen one mentioned. Different colleges will give different aid packages. My DD1's first choice college gapped her $16k, and she appealed, but they just mentioned parent loans (no way!), so she moved on to her second choice, and was very happy there. We were even happier, since it was only 50 miles from home, vs. another state for 1st choice. DS2 was having trouble deciding between 2 of the colleges he was accepted at - the more prestigious college offered more aid, but he was really leaning towards another one that offered slightly less aid. He contacted them and asked if they could match the other college's package. They asked to see the package, and then increased his aid to beat it. Win - win.
One of the biggest obstacles that I have seen in college is what major to choose; without any real work experience (other than typical teen jobs), most teens have no idea of what they want to do, or what a given job really entails. I believe that many would benefit from working for a few years before college, to gain exposure to the work world and see if a field is really what they want to do. Yes, they will be starting at the very bottom, and probably can't actually get the "cool" job they are shooting for without the degree, but they will hopefully see what their aspirational job holders actually have to do, how hard they work, what skills they need. Better to learn that a job/field is not for you before you spend years and $$ on the degree, or if you really are confirmed that a field is right for you, you might receive company aid to go to school for the training you require.