[djbusby]

If your family has $10MM in the bank, you too can take (and report) to IRS zero income.

[sklargh]

Assuming US due to agency choice. What about a 1099-INT? Surely even trivial interest earnings on 10mm would trigger this?

Moreover I'd expect that any given user w/10mm would be rolling into multiple accounts to maximize protection offered by FDIC.

[pjscott]

If you put the money mostly into bonds or stocks that don't issue significant dividends, you'll pretty much just have to worry about capital gains (form 1099-B), and those aren't taxed until the fiscal year in which they're realized.

[flangola7]

In the US parents' income is already considered when applying for financial aid. Just add that info to admissions

[lordnacho]

Does this mean you can not work for a couple of years to make it easy to get in, plus get a discount on the fee?

[selectodude]

No, assets are taken into consideration for that exact reason.