<p>Use the calculators which many schools have on their websites to get a feel for what you may receive. Schools do not give consideration to a family’s internal priorities (e.g., should I pay for my child’s school or buy a new car or fund retirement), although some Ivy league schools do consider the age of the parents and do not count retirement savings as sources of school funding.</p>
<p>I would think carefully about 8k per year - that’s 40k in debt with expensive grad school on the horizon.</p>
<p>With “typical assets” (a term left intentionally vague and undefined by all schools) and 85,000$ in w-2 wages, you would not have to pay very much to attend an Ivy. But, if the 85k is your family adjusted gross ncome (or even worse, taxable income) arrived at after lots of deductions (e.g., a small family owned business), your EFC will be much higher.</p>
<p>I would make your college list (taking into account what the calculators show), and NOT apply binding ED (EA is fine)(because your financial contribution may really interact with your choices), apply to the schools on your list, and weigh the financial issues when making your final decision.</p>
<p>I would also include one school which will give you a lot of merit money. That school may not have the same cachet as the schools you have mentioned, but finishing at the top of your class at that school will give you plenty of choices for grad school.</p>