So Rice might consider $1.9 million in non-retirement assets as OK for a $350,000 income. So what? That would not exactly put the student in line for need based aid…even with two in college.
If someone has an EFC based on income and assets that is 150% of the cost of attendance, what makes anyone think that it will come down enough for need based aid to be awarded.
With a $107,000 EFC, this student would need a professional judgement to reduce over $30,000 of that EFC, which would be a LOT of that income and assets…and that just seems highly unlikely to me.
But yes…give it a whirl. This student has already applied to Rice, and the parent has already completed the FAFSA. All that’s left to do is the Profile, and then a request for professional judgment. Maybe it will work and maybe it won’t.