It’s not a one size fits all answer here. First of all, very few school will meet need according to the FAFSA EFC. The most generous schools , as a group, require CSS PROFILE and the expected contribution for college is often far more than the FAFSA EFC. Also, NCP financials and family businesses as well as other situations are treated differently.
Most colleges have a NPC (Net Price Calculstor) that is more accurate without special situations, some of which are mentioned above. Also some schools are coming up with initiatives targeting families making, say 200k a year with financial aid opportunities. Rice is a prime example. Also, with the COA ratcheting up past the $80k level st some schools, $75k EFC is no ceiling these days.
It comes down to what a family is willing and able to pay for college. That number often differs from school to school. I’ve known families willing to pay full freight and then some for HPY, do whatever it takes for their kids to get degrees from certain elite schools, but they place limits in schools they feel do not have that luster or reputation or name recognition.
So if a student applies to a school that is need aware, the question is whether the family is willing to pay full freight to get optimal consideration for admissions Do you -and your family want you to go to this school enough to pay full price, or is the NPC number with the financial aid estimate affordable, whereas full price is not? The most selective schools tend to be need blind, as are most schools. It’s s small number of schools that are need aware in admissions.