We received NO fin aid, from the most generous school in the country, because of the value of our small business (mom and pop rentals). Cousins with similar employed income (both with excellent benefits, excellent retirement plans, and similar total assets) received 20K/yr fin aid from a similar Ivy, because their assets were in the value of their home in a sky-high real estate city. Essentially, the school felt that we should sell or mortgage the real estate to pay the tuition - which would have led to our then qualifying for fin aid by means of reduced income and reduced assets… after the child had been graduated.
You have to file both the FAFSA and the CSS for many private schools. The CSS is very comprehensive; unless you lie and conceal, and plan several years ahead to do so, if you have it, they will see it.
We told our kids to work their behinds off in high school to qualify for merit money, with the backup of our excellent flagship state U. I am under the impression that many other families are doing the same, by virtue of the steep rise in selectivity of our flagship state U, and the fact that most of my kids’ friends, even though they are from very well off families, are choosing the flagship state U.