Considerations re: merit award
Is there a GPA that must be maintained? Even though your chikd is a great student, any student may need some leeway while adjusting to college, so beware of too high of a requirement.
Considerations re: all FinAid
Can it be used while studying abroad?
Do any of the schools have an extra stipend for internships or study abroad?
Consider travel costs & airport shuttles (which some colleges provide).
Agree with @thumper1 except I assumed you meant you might use loans strategically only as needed, not for the whole EFC.