Outside Topic possible college financial aid "scandal" - Printable Version
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possible college financial aid "scandal" - 82lsju - 07-30-2019
Quote:Amid an intense national furor over the fairness of college admissions, the Education Department is looking into a tactic that has been used in some suburbs here, in which wealthy parents transfer legal guardianship of their college-bound children to relatives or friends so the teens can claim financial aid, say people familiar with the matter.
The strategy caught the department’s attention amid a spate of guardianship transfers here. It means that only the children’s earnings were considered in their financial-aid applications, not the family income or savings. That has led to awards of scholarships and access to federal financial aid designed for the poor, these people said.
[speculation on my part removed]
https://www.wsj.com/articles/college-financial-aid-loophole-wealthy-parents-transfer-guardianship-of-their-teens-to-get-aid-11564450828?mod=e2fb
RE: possible college financial aid "scandal" - CTcard - 07-30-2019
(07-30-2019, 08:04 AM)82lsju Wrote: from this description it sounds like one of the students mentioned in the article might be at Stanford
Quote:Today, her daughter attends a private college on the West Coast which costs $65,000 in annual tuition, she said. The daughter received a $27,000 merit scholarship and an additional $20,000 in need-based aid, including a federal Pell grant, which she won’t have to pay back. The daughter is responsible for $18,000 a year, which her grandparents pay, the woman said.
https://www.wsj.com/articles/college-financial-aid-loophole-wealthy-parents-transfer-guardianship-of-their-teens-to-get-aid-11564450828?mod=e2fb
It's probably not a good idea to take words written in such an article too literally, and I cannot even read the article because I don't have a WSJ subscription - but that doesn't quite seem like Stanford.
First off, as far as I know, no school yet charges $65K in annual tuition, at least for undergrads. Stanford charges $52,857 for the upcoming school year. So, presumably the writer really means either the official full cost of attendance or some approximation to it. For Stanford cost of attendance is listed at $74,570 plus travel.
Of course in the not so distant past, that number would have been close to $65K.
There are lots of private schools in California which will be in the same ballpark, and presumably some a little cheaper (not U$C which lists full cost of attendance at $77,459).
The main reason this does not sound like Stanford is that Stanford does not give merit scholarship aid (outside of athletics, which is a type of merit-based aid). Most private universities do.
RE: possible college financial aid "scandal" - 82lsju - 07-30-2019
(07-30-2019, 08:36 AM)CTcard Wrote: It's probably not a good idea to take words written in such an article too literally, and I cannot even read the article because I don't have a WSJ subscription - but that doesn't quite seem like Stanford.
First off, as far as I know, no school yet charges $65K in annual tuition, at least for undergrads. Stanford charges $52,857 for the upcoming school year. So, presumably the writer really means either the official full cost of attendance or some approximation to it. For Stanford cost of attendance is listed at $74,570 plus travel.
Of course in the not so distant past, that number would have been close to $65K.
There are lots of private schools in California which will be in the same ballpark, and presumably some a little cheaper (not U$C which lists full cost of attendance at $77,459).
The main reason this does not sound like Stanford is that Stanford does not give merit scholarship aid (outside of athletics, which is a type of merit-based aid). Most private universities do.
I removed my speculation in the initial post