<p>I hear ya! Don’t you just love those high EFCs?? LOL</p>
<p>Is your child a junior or senior? </p>
<p>If he’s a junior, then I’d have him apply to schools that will give him big merit scholarships for stats. </p>
<p>If he’s a senior and he didn’t apply to schools that will give merit, then you only have a few options…</p>
<p>1) have him do a gap year and then reapply to schools that will give merit.</p>
<p>2) Take out Paren’t Plus loans. (BTW…only a very small amount of student loans are subsidized…like maybe 3500…and your income is TOO high for federal subsidized loans anyway. You have to have “need” to get a small subsidized loan)</p>
<p>3) Have your child go to the state flagship which is a lot less than your EFC.</p>
<p>4) Have your child commute to a college.</p>
<p>5) Have your child take out a $5500 student loan, work over the summer to contribute a few thousand, and then you pay/borrow the rest.</p>
<p>Edited to add…I see that your child is a senior and has applied to ivies/elites. Well, then you just have to take out Plus loans, or do an equity line of credit, or have him go to his financial safety school. (did he apply to any financial safety schools?)</p>