Lending your kids to a neighbor, business partner, postal worker, or a perfect stranger to qualify for college financial aid is a Dickensian scam.
Share to twitterIt's one of those ideas that's contemptible but so successful you wish you'd thought of it if you were Fagin or Bill Sykes and you'd named your kid Oliver: Lend your kids to a neighbor, business partner, postal worker or perfect stranger so they can qualify for a bucket of money in college financial aid. Simply sign them over in a guardianship agreement and they'll qualify.
Most of the debate in the college admission world will focus on the ethics and legitimacy of this strategy, which is as it should be. Thethat one beneficiary whose family income was greater than $250,000/year and had a home valued at $1.2 million now attends a $65,000/year private college. She received $20,000 in need-based aid,"including a federal Pell Grant, which she won't have to pay back.
Transferring guardianship to attain these funds was as easy as filling out some forms and having the pseudo-parents show up in court. Neither the actual parents or the child even had to be there, according to the. From there, only the child's income was counted in the colleges' financial aid calculations. Only a spate of these guardianship moves at the
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