Article: " Wealthy parents giving up guardianship of their kids to qualify for financial aid, report says. ProPublica said it found dozens of parents exploiting a legal loophole to save money on their children's tuition at the expense of low-income students."

SS: I thought people in here would find this interesting.

Wealthy parents in Illinois are giving up legal guardianship of their children in order to "scam" universities into qualifying them for need-based financial aid, ProPublica Illinois reports.

In a report released Tuesday, ProPublica said it found dozens of parents, many of whom are doctors and lawyers, exploiting a legal loophole to save money at the expense of low-income students.

Executing the plot is rather simple once a family gets an attorney’s help. In the last years of high school, parents give up guardianship of their children to family members or friends. This allows the students to declare financial independence, so when they apply for college, their financial needs are judged without consideration of the parents' income. Most of the guardianship cases were executed by two law firms in the Chicago suburbs, the report found.

https://www.nbcnews.com/news/us-news/wealthy-parents-giving-guardianship-their-kids-qualify-financial-aid-report-n1036241

Submitted July 30, 2019 at 02:52PM by WarOfNoise https://ift.tt/2YFJkV6