"With college tuition on average costing about $32,000 a year some are now wondering if paying for college has become so expensive that even wealthy families are having a hard time paying for it and some are resorting this financial aid loophole that allows them to get money they wouldn't otherwise qualify for by transferring legal guardianship of their teens. This morning the education department and several universities are investigating a financial aid loophole that allows children of allegedly wealthy parents to receive financial aid," Good Morning America reports.
... "It's first come, first serve, so if there are students who are taking these monies who really don't need it, they are really taking it away from families who are in great need," said NASFAA's Megan Coval in the Good Morning America interview. "It definitely is not illegal but I think it definitely is unethical and I think one of the unfortunate things is whenever instances like this occur there's always kind of an effort to say, well, we should tighten this up and restrict the process and if that ends up happening I think the real losers will be the needy families because then they'll be forced to prove they're not gaming the system," she added.
Watch the full video clip below.
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 7/31/2019