A rule of thumb for knowing if you do not qualify for college need-based aid

In answering a reader's question in the NYT's The Choice blog, Mark Kantrowitz gave this very rough rule of thumb to determine if you will qualify for any need-based aid when attending college.

[I]f you earn more than $350,000 a year, have more than $1 million in cash and non-retirement investments (not counting your home or any small businesses you own and control), have only one child and no unusual circumstances, and aren’t interested in student loans, your son probably won’t qualify for need-based financial aid.

http://thechoice.blogs.nytimes.com/2011/01/13/fafsaq-and-a-part-3-2/