I have a perfect 4.0 GPA, and a 5.0 out of a 5.4 weighed GPA. I have good (enough) ECs and probably have a good enough shot at going to a first or second tier college. However, there is little chance that I can afford these top colleges. I also have little chance of getting financial aid (my family’s income is about 100,000 a year), as far as I know.
My question is if I should bother applying to colleges that I have no chance at affording, especially if these colleges do not have the best reputation of giving merit scholarships.
Tentatively, yes, you should apply to a variety of colleges. Your family’s income is not that great that it will keep you, necessarily, from getting significant need-based aid at many schools.
Of course the prudent first move would be to use the NPCs for any colleges you have an interest in.
Stanford University excepts zero tuition money from the parents of students whose annual household income falls under $125,000. Keep working towards being an awesome student and person and apply to your dream schools (along with financial safeties, of course).
For top private colleges, 100K is no longer considered wealthy enough, since their cost of attendance is 60K. Therefore your family may get a lot of need-based aid at the 100% need schools.
Each college and university has a Net Price Calculator right at its website. If your parents are divorced, own a business, or own more property than just the family home, the NPC won’t be as reliable as it would be for families with more simple situations. Ask your parents to run the NPCs at the colleges and universities that interest you so far, and then see what the results look like.