re: #153 Eclectic Cyborg

In today’s edition of “Rich People Suck” (TM):

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.

and no doubt the parents are still ‘subsidizing’ the kids

if you’re ‘financially independent’ and only earned $4,200, you are not paying your own food, clothing and shelter