WSJ reports that people are transferring guardianship of their children to get better financial aid packages. Loathsome.
Link: https://www.wsj.com/articles/college-financial-aid-loophole-wealthy-parents-transfer-guardianship-of-their-teens-to-get-aid-11564450828?mod=hp_lead_pos7
I changed my official address to my grandmothers as soon as I turned 18. After 24 months I was considered independent and qualified for a lot more aid. My parents didn’t have a penny to give me for school so I don’t feel bad about it.
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However, like I said my parents could not have afforded to give me any money for college. I didn’t feel bad at all about gaming the system. No money was taken from the “less fortunate” and given to someone who didn’t have a genuine need.
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that someone with less funding than me was left out. Of course, when I say I had nothing, that is other than my job flipping burgers.
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I knew my parents didn’t have money to give us for college. They were typical working lower middle class. Certainly didn’t live beyond their needs. I had two older brothers who were still in college when I started. We must have fallen in some gap where we didn’t qualify. Never could figure that out.
My oldest brother moved out when he was 18 and qualified for aid after 2 years being independent. That’s when I got the idea to do the same (even though I didn’t move out). FWIW, my parents had no idea that I did that. I’m sure they would have given me hell.
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I always regretted not spending time in the military. I envy those who have. Opportunity missed for me.
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edge a bit though. Glad it worked out.
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Sure would've been nice to be that much closer to retirement.
We are creating a gamable system. Which creates a gaming cottage industry of experts. That is what tax accounting is. There are now businesses whose means of income is assisting veterans getting their benefits (the process is so Byzantine, people can't even figure out what they are due). Now education. What is next, healthcare? ...housing? ...reparations?
It is not possible to create a non-gamable system, but we keep trying. What is the definition of insanity?
different.
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I'm sure that is designed to protect children.
But then you get douchebags with no personal honor code gaming the system, taking money out of the hands of needier people.
WSJ interviewed a woman who did this in spite of family income of 250k per year. Said they had no savings. Apparently living right at the edge of their incomes.
Sorry, bitch. Get your kid to do ROTC rather than stooping to this. Despicable.
Little to no savings, a McMansion with a 30 year that leaves no room to save anyways, and a lifestyle (cars, vacations) that keeps them on the edge of financial hell. It's the classic keeping up with the Jones's mentality.
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