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What are some ways to get more financial aids? Specifically, my dd has been accepted to MIT and other top schools but will not get much financial aids ($8000 in loan and $1500 in workstudy program from MIT with EFC of $43000). My husband and I both work and our income is about $140K. We own modest home almost paid off and own 2 cars fully paid(2000, 2003 with high mileages). We do not have any loans other than home mortgage. We are very frugal and have some savings in stocks and bonds($140K). I don't feel our income is such high level that our EFC should be $43000, so I am assuming that our savings big factor in determining EFC.
Does anyone know how colleges determine EFC? I feel cheated because we were frugal and have savings that colleges are not going to give us much financial aids. I feel like going on shopping spree and go on vacations (we haven't gone many vacations) and spend money so that our savings will be much lower.
Can anyone give me some ideas on ways to get more financial aids from colleges where financial aids is only need-based?
Thanks
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