In a previous post, I defined Expected Family Contribution (EFC), how it works theoretically, and what happens in the real world. For many families, the difference between theory and practice is irrelevant since their EFC (with changes to financial aid, soon to become the Student Aid Index) is much higher than their actual ability to pay. There are steps that you can take to reduce your EFC, and you should definitely do so if you have the opportunity. However, the fact is that you’re likely to do more to cut the cost of college by targeting the right schools for merit scholarships than by trying to rearrange your finances.
You Can’t Get Merit Scholarships From a College You Never Apply To
Recently I was profiling 
There are over 1,600 four-year public and private colleges in the United States. And guess what, they don’t all cost an arm and a leg to attend. With this many colleges, there have to be quality, affordable options available for families who look for them. And there are students attending college without facing the prospect of years of debilitating debt. Yet, attending affordable colleges comes with some trade-offs that not all families are willing to make.
(Updated for 2021) For real. There are 394 colleges where the average college scholarship (institutional grant or merit) is over $20,000, an increase of 32 schools compared to last year. What’s the catch? There are only 288 (up from 250 in 2020) schools where 90% or more of freshmen receive institutional grants. Surprisingly enough, there are only 28 schools where 50% or fewer of freshmen receive an institutional grant of $20,000 or more.
The excitement generated by acceptance letters so many high school seniors received before April 1 has morphed into anxiety if not outright panic as families’ finances have been turned upside down. What was an affordable college before COVID-19 may not be any more. Athletes face uncertainty about scholarship availability. And there are students who would just rather stay a little closer to home than when they first created their college list.
If big-time college sports are an important consideration for your college list, you’ll need to take a look at the 
Everyone wants to know if colleges are going to open next fall. Or rather if they are going to open for in-person classes since by now the colleges have demonstrated their ability to conduct virtual classes. Of course, if they are mandated to remain shut-down, it’s not a question they have to answer. But otherwise, there are a lot of reasons why colleges will be welcoming students on campus for classes coming this fall and they pretty much all come down to money.