boutons_deux
07-30-2019, 07:03 AM
some wealthy parents used the strategy to gain tens of thousands of dollars in need-based aid.
Dozens of wealthy families in Illinois have reportedly been using a controversial tactic to help their children pay for college: They give up legal guardianship so the teenagers can claim dramatically lower incomes and earn need-based financial aid,
wealthy parents allegedly file paperwork to transfer legal custody of their kids to other relatives, friends or even co-workers.
When the transfers are complete — often during their junior or senior years of high school — students are then able to declare themselves financially independent on college applications.
In one instance detailed by the Journal,
a student whose parents owned a $1.2 million home only had to declare $4,200 in income from a summer job.
That student was
able to obtain about $47,000 in scholarships and federal Pell grants
to attend a private university that costs $65,000 per year.
The practice is legal,
the Education Department :lol is looking into the matter. :lol
https://www.huffpost.com/entry/illinois-college-scholarships_n_5d3f9dbee4b01d8c97806393?ncid=newsl tushpmgnews__TheMorningEmail__073019 (https://www.huffpost.com/entry/illinois-college-scholarships_n_5d3f9dbee4b01d8c97806393?ncid=newsl tushpmgnews__TheMorningEmail__073019)
Will the cheaters be named and shamed?
Just another example how the wealthy have gamed the system and cheat using expensive legal advice.
Dozens of wealthy families in Illinois have reportedly been using a controversial tactic to help their children pay for college: They give up legal guardianship so the teenagers can claim dramatically lower incomes and earn need-based financial aid,
wealthy parents allegedly file paperwork to transfer legal custody of their kids to other relatives, friends or even co-workers.
When the transfers are complete — often during their junior or senior years of high school — students are then able to declare themselves financially independent on college applications.
In one instance detailed by the Journal,
a student whose parents owned a $1.2 million home only had to declare $4,200 in income from a summer job.
That student was
able to obtain about $47,000 in scholarships and federal Pell grants
to attend a private university that costs $65,000 per year.
The practice is legal,
the Education Department :lol is looking into the matter. :lol
https://www.huffpost.com/entry/illinois-college-scholarships_n_5d3f9dbee4b01d8c97806393?ncid=newsl tushpmgnews__TheMorningEmail__073019 (https://www.huffpost.com/entry/illinois-college-scholarships_n_5d3f9dbee4b01d8c97806393?ncid=newsl tushpmgnews__TheMorningEmail__073019)
Will the cheaters be named and shamed?
Just another example how the wealthy have gamed the system and cheat using expensive legal advice.