Ooh, Eeyore makes a good point. The 180k is separate from the 401k, right? In a bank account or ? I respect your parents for being so open with you, many kids can never get this detail from their families.
When he loses his job (or gets the official word,) you can go back to the college for “Professional Judgment.” It’s where they take a separate look at present circumstances. It’s another reason you want a college with the available funds and a policy of supporting kids over their four years.