On the FAFSA, it ask for your assets (amount on your portfolio, bank balance, etc.), but it doesn't ask for your debts (credit card debts, outstanding loan payment on your car, etc.
With that being said, wouldn't it be wise right before you fill out the FAFSA to liquidate all your assets into cash and paid off some debts in order to minimize your assets and thus increase aids?
Another questions I have is that for those who already in the workforce and making money, when you fill out the FAFSA, they asked for your prior year tax return and income. Is there anyway that they will consider that you will not have that income at all when school start the following year?
Thank you in advanced.