We've heard conflicting information regarding financial aid for upper-middle class parents. I'm talking about urban households located in very expensive urban areas, with high COL, taxes, housing prices, etc. Our household take-home pay, with all taxes deducted, is probably around 40% of gross income, before we address household expenses. We've been to several LACs that promised "financial aid" (not merit award) to households earning as much as $150,000+. But NPC calculations seem to reflect an altogether different scenario: EFC in $45,000+ range for us.
We're in that high-income category. We're an older couple with great salaries currently, but no company pensions, sending our oldest to college in Fall. Either of us could lose our jobs quite suddenly; it's the nature of our professions. We've great savings, but serious medical issues too which could impede future earnings and/or employment prospects, etc. I'm assuming we don't qualify for "financial aid" (though student may qualify for merit aid). Is there a rule-of-thumb, like $100,000 household income translates into $30,000 EFC? $200,000 income translates into $60,000 EFC? I'm thinking there's no reason for us to complete the FAFSA and Profile, because student's selected LACs apparently all grant merit aid without parents' financial info.
I've tried scrolling around and searching for related threads, but haven't found anything specific.