|
2019-07-30 -Lurid Crime Tales-
|
|
Wealthy Illinois families manipulate system for college financial aid
|
 [MSN] 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, according to reports from two news organizations published Monday.
ProPublica and The Wall Street Journal each detailed the efforts in separate articles after uncovering dozens of applications filed by Chicago-area parents to financially divorce themselves from their kids over the past year and a half.
As part of the strategy, 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.
Oh please, say it isn't so.
The practice is legal, but the Journal notes that the Education Department is looking into the matter. The agency did not immediately respond to HuffPost’s request for comment.
"It’s a scam," Andy Borst, the director of undergraduate admissions at the University of Illinois at Urbana-Champaign, told ProPublica. "Wealthy families are manipulating the financial aid process to be eligible for financial aid they would not be otherwise eligible for. They are taking away opportunities from families that really need it." Borst also spoke with ProPublica.
ProPublica noted that laws in Illinois governing the transfer of legal guardianship are broadly written and that as long as the parents, children and the court agree, a judge can approve the transfer even if parents are able to financially support their kids.
Almost all of the cases cited by ProPublica and the Journal echo language that says the new guardians "can provide educational and financial support and opportunities to the minor that her parents could not otherwise provide." 
|
Posted by Besoeker 2019-07-30 13:32||
||
Front Page|| [14 views ]
Top
|
|
Posted by Procopius2k 2019-07-30 15:57||
2019-07-30 15:57||
Front Page
Top
|
|
Posted by Lex 2019-07-30 16:08||
2019-07-30 16:08||
Front Page
Top
|
|
22:11 Silentbrick
21:32 swksvolFF
21:29 trailing wife
21:28 swksvolFF
21:11 SteveS
20:55 trailing wife
20:52 SteveS
20:15 DooDahMan
20:04 Super Hose
20:02 Silentbrick
19:49 Super Hose
19:33 Spanky B. Hayes2804
19:13 Chantry
19:09 Nero
19:08 Nero
18:56 Frank G
18:37 trailing wife
18:31 Angealing+B.+Hayes4677
18:29 Angealing+B.+Hayes4677
18:23 trailing wife
18:21 trailing wife
16:53 Grom the Reflective
16:43 Grom the Reflective
16:41 Grom the Reflective
|
