Is your student applying to colleges that guarantee to meet full need for all…and is he is she a competitive applicant for these highly competitive school?
If so…this same student would likely find schools that will give significant merit aid. Any chance this student has the potential to be a national merit finalist? That would open up more merit aid doors. Merit aid won’t consider your income or assets.
If your student is applying to the vast majority of colleges that do not meet full need for all accepted students…then all bets are off. These schools do not guarantee to meet full need, and really your only guaranteed need based aid with a $110,000 income (is that gross or net?) is a $5500 Direct Loan for freshman year.