Ok, and you have a younger child who will be going to college.
The problem I see is that once you have #2 going, you’re really going to be in deep doo doo. It’s not as if the school that Child1 is going to will then give more money. Very likely you won’t see a penny more from School #1 even after Child2 is going to college.
I worry that you’re going to be like that Ohio State parent who let Child1 go to OSU thinking that once Child 2 went to college, OSU would “give more”. He could barely afford the costs for OSU for Child1…which was about $25k per year.
The following year, when it was time for Child2 to go to college (also wanted OSU), dad found out that OSU didn’t give extra money even tho EFC was cut in half. He was still expected to pay about $25k per year for EACH child. He was devastated and “in a pickle”. He was very sad that he had to tell Child1 that she couldn’t return to OSU, because there would be no money to send Child2 anywhere. It was a very depressing story.