"Do a quick reality check on whether you’re expected to be full pay at
https://finaid.org/calculators/quickefc/ . If you’re full pay and your kid isn’t at the top of the school’s stats, don’t expect any merit aid. Our kid got into two $75k year schools. (Yay, you got into a hard expensive school! Were aren’t paying that.) We should have focused on ED at a reach state school she later got waitlisted at. Doing EA helped get some early acceptances so we weren’t stressed all year. Get the essays done during the summer."
I haven't read the other posts yet but I just had to jump on and tell you to absolutely ignore this bad advice.
The EFC (Expected Family Contribution) has nothing to do with absolutely anything other than your eligibility for a Pell Grant. Pell Grants are for lower income families, and unless you make around $50K or less, you won't qualify. In the next year of so they'll change the name of the stat because it's very misleading and causes confusion.
Instead, Google Net Price Calculator and the name of a school you think your kid might want to apply to. You'll input info on your income and non-retirement savings/assets, and often info about your kid's grades and SAT. You can just estimate all of this. A number will pop out that is the amount that your family will likely pay for your kid to attend that college. You could then go back and do the EFC as PP suggested and you'll see that 99% of the time those numbers won't be close at all.
Also, your kid does not always have to be at the top of the school's stats to get merit aid. There are other reasons beyond stats that the school may be interested in your kid. Geography, race, gender, intended major, skills or talents, etc... can all come into play. My kid had below a 3.0 GPA and got merit at places like Loyola Maryland. He went to high school in DC, so I'm assuming it wasn't geography that got the big $$$. Rather, it was probably that he's a URM and is a male who plans to major in something in the humanities. There are lots of SLACs where female applicants outnumber males by a lot, and those schools will not only be more willing to admit a URM male, they'll also offer merit aid.
Most importantly, schools will be more likely to admit your kid if they're full pay, like my kid was. They know that you have the means to pony up the rest of the tuition even if they give you a deep discount, so they still profit from having your kid there instead of losing them to another comparable school that was willing to offer $10K more. For example, Fordham might offer you $20K off their $80K price tag, and Santa Clara might offer $30K off their $80K price tag. They know you've got the money to pay either $50 or $60K. Either is going to be a net positive for them, and you'll probably choose Santa Clara if your kid likes both equally. In contrast, if you were only able to contribute $10K each year, the schools like that won't bother wasting their time trying to dangle money in front of you, and they'll most likely choose to admit a kid like mine with a 3.0 full pay over your 3.7 kid. Google Ron Lieber and read all the articles by him to get a grounding in how the game is played these days.
"The modern practice of enrollment management was invented in the mid-1970s by a man named Jack Maguire, who was then the dean of admissions at Boston College, and one of his most important innovations was to deploy financial aid strategically, as a way to attract the students he most wanted to admit, whether they genuinely needed financial assistance or not. It was something of a radical idea — giving aid to students who didn’t need it — and it didn’t seem, at first, to make sense. But in the 1980s, other colleges began experimenting with this new strategy, giving these grants the euphemistic name “merit aid,” and they found it worked remarkably well. It turned out that offering grants — even relatively small ones — to students with high family incomes made it significantly more likely that those students would enroll in your college. (If you called the grant a “scholarship,” it worked even better.) And if a well-off student was willing to pay, say, $30,000 of your $40,000 tuition, that was still a pretty good deal for your college."
https://www.nytimes.com/interactive/2019/09/10/magazine/college-admissions-paul-tough.html