I think the large amount of home equity is probably what is largely driving this EFC discrepancy. Some colleges that require the CSS are going to look at ‘locked up’ assets (such as a huge home equity) as available to tap to pay for college.
I would also question whether the income is gross or net. That too can make a difference in calculated EFC through a college’s NPC.
There is a huge disconnect between saying you make $160k/yr and that you only bring home $8k a month. Colleges add back in your 401k contributions, IRA contributions, etc. Retirement contributions are a choice, not a bill.
The NPC offered by colleges is only as good (or accurate) as the information provided to it.
Yes you should check to make sure there aren’t any errors in the information the college is using to determine the family contribution, but you should also do a check on if you understood how to fill the NPC out correctly in October (and if you understood how family contributions would be determined).
I would highly recommend people contact the schools their children are considering applying to ED and ask for a financial pre-read if you are not prepared to pay full price upon acceptance. We found schools were very helpful when asked for this, they want to make sure everyone is one the same page when it comes to ED applicants - getting accepted and turning it down because it wasn’t affordable isn’t what anyone is hoping the result will be.