I looked at the FAFSA site based on your recommendation. Under normal circumstances, I think that is sage advice. Our situation is not, however, normal. We have a sub-S family business, and my income reflects that taxable net, which makes me a high income person on tax returns. My actual take home pay is $71,500 with 3 dependents, even though it looks like I make several times that. I only draw the required amount to fulfill the increased tax obligation. Also, my son is a 7.25% owner of the company, so he files a long form return because of the same thing. He doesn't see a dime of the company money except to pay the tax obligation. I believe net income should be reinvested in the business, and that has really been a good decision over the last 30+ years. For those reasons, it would be hard for him to show financial need as required by FAFSA.

My wife and I could pay for the balance of his education; however, we believe it will do him good to have more responsibility for his own future. That being said, what thoughts do you have on student loans in our situation?