Yet another college admissions scandal where the wealthy cheat, this time to steal money from taxpayers and the poor.
The Journal tells a story of a Chicago-area family whose household income is greater than $250,000. They live in a home valued at more than $1.2 million.The mother transferred guardianship of her then-17-year-old daughter to her business partner last year.
She and her husband have already spent $600,000 sending their other children through college, the article said. There wasn't enough cash to send their youngest, so they reached into the loophole with the help of, no surprise here, a lawyer and an education consultant.
The daughter claimed only $4,200 in income that she earned from a summer job. The daughter was accepted into a private university, and received a $27,000 merit scholarship, and on top of that, $20,000 in need based financial aid, including a Pell grant that she'll never have to pay back.
What really needs to be said about this? If there are hand-outs paid for by taxpayers, then dishonest people will conspire to steal them.
