<p>A few more thoughts in addition to the fine advice you have rcvd above:</p>
<p>Call the potential ED school and ask for an “early read”. This means you go over family income/assets with them now and get a rough idea of what a potential FA package will look like. It is not a binding offer - but it will give you a feel of what you might receive in grants and in loans.</p>
<p>In addition to the finaid.org website that someone else mentioned - and which I have found to be very helpful - I also skimmed through the Zac Bissonette book yesterday and found it a good introduction to paying for college. He is a UMass student who wrote a fairly simple book on finaid - “Debt-Free U”.</p>
<p>In addition to doing the EFC calculator - do a college’s net price calculator. Not every college has them up yet - but they are supposed to this fall. Once you have your estimated EFC - find a college with a similar price tag to the potential ED school - and just play around with their net price calculator. Even though it is a different school - it gives you some insight into what a package might look like. </p>
<p>My own experience is that you may get the best FA from the pricey private schools - provided that you are a catch for them - a high stat applicant. I have generally not seen good results at OOS publics - their packages tend to be primarily loans.</p>
<p>Finally - is it a Common App school? Because if it is not - you should check the wording of the binding ED agreement carefully.</p>
<p>I am afraid I would have to disagree on relying on Zac’s much overrated advice. His (hard to duplicate) experience is hardly useful for students with better than average expectations and could rely on generous financial aid. The book Debt-Free U: How I Paid for an Outstanding College is hardly one I’d recommend to anyone. Leave Zac’s advice to the people who find AOL or WalletPop a valid source for … anything! </p>
<p>I would HIGHLY recommend the OP to keep looking for advice on CC and pay particular attention to the many parents who have learned so much and have been willing to share that knowledge with such generosity.</p>
<p>Our youngest applied to a few schools with early action, which is not binding. In February, we compared packages and negotiated her favorite school’s cost down, with the financial aid people. The fact that she had more than one package to compare helped. </p>
<p>We would never have done early decision. Early action gave her early answers without the obligation to enroll. Not all schools offer early action. Without that option, we would have done regular decisions.</p>
<p>I would also say, be aware that the financial aid offices consist of human beings with whom you, or your family, can build a relationship. Always be honest and keep them informed of improvements in your finances as well as problems. They often want to help, but also, at many schools, there are many financial constraints on what they can do.</p>
<p>Schools such as the Ivy’s and MIT are very generous to kids in your financial situation. If you have excellent grades, great board scores, along with the other things that these schools like to see, than apply early to an Ivy. They longer have loans for students in your parents income level. Your parents home will not be considered in the calculation. Take a look at the financial aid site for each of these schools…you will find that very helpful in making the decision wheather to apply ED or EA to the above mentioned schools.</p>
<p>Out of state publics are not nearly as generous, and I would never advice anyone to apply ED to one of these schools unless they had the money to pay the full price.</p>