Lawmakers are investigation a strategy in which families transferred the guardianship of their child to a third party. When the child applies for financial aid he or she doesn’t have to claim their parent’s income or assets.
CHICAGO—Illinois lawmakers have scheduled a hearing for next week to investigate a financial-aid loophole that has enabled affluent and middle-class families to access college scholarship money designed to help poor students.
The plans for an investigation follow articles in The Wall Street Journal and ProPublica Illinois that detailed a strategy, developed in suburban Chicago, in which families transferred the guardianship of their children to a third party. When a child applies for financial aid, he or she doesn’t have to...
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