Means $20,000 for each of us
Keep in mind what your parents are willing to pay will not matter to schools for need based aid. The school will determine your need based on the income and assets of both of your parents. Have you run the net price calculator for the schools you have in mind using 2 in college.
The parental part of the FAFSA EFC will be half for each of you. If you and your twin have the same financial info, you’d get identical EFCs. But finding a school that defines need that way is the challenge. UChicago is about the only such school. Those schools that use FAFSA only for financial aid determinations do not tend to meet full need.
The NPCs are about as close as you can get at this point in getting an idea of what aid you can expect from schools.
Yes, merit awards and scholarships reduce student need calculations. It’s rare that you can stack them.
I do not see a net disadvantage in applying ED when needing financial aid. ED applicants tend to get better consideration for financial aid IMO. The larder is full at the beginning of the application season, and there is motivation to get 100%yield with ED. Also, better chance for consideration if the award is insufficient, especially if the NPC supports the applicants appeal . It’s highly likely to be the best offer, and is an early litmus test or wake up call when it is insufficient.
The disadvantage to OP in applying ED is getting that test score up. Not sure what the timing is on that.
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