Sorry let me clarify.
@thumper1 This is talking about the need-based aid for this upcoming academic year 2020-2021. My parents AGI is around $200k on their 2018 tax return. Since the house they sold wasn’t their primary residence, they did not qualify for the $500k capital gain exclusion. Now, that cash sits in their savings account.
My situation: My parents are low-income workers; besides their one-time income in 2018, their usual AGI is $30k a year. Currently, both of my parents are unemployed and survive off of unemployment benefits.
My dilemma: I wasn’t expecting any need-based financial aid for the academic year 2020-21 because they made $200k in 2018 from selling their 2nd home. My parents still had a steady job prior to 2020, with $160k in savings. But does the fact that both of them are unemployed since February change their ability to pay if they still have $160k in savings?