Today, Explained Disown your kid to pay for college
Aug 6, 2019
In this discussion, Doug Belkin, a Wall Street Journal reporter, uncovers the shocking trend of parents disowning their children to exploit financial aid loopholes for college admissions. He dives into the ethical implications of this controversial practice and the outrage it has sparked among educators. The conversation also highlights the skyrocketing costs of college education, juxtaposed with stagnant wages and the political tensions surrounding financial reform in higher education. Belkin sheds light on the complex web of legality and morality at play.
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Family Exploiting Guardianship Loophole
- One family with a high income but low savings exploited this loophole.
- They transferred guardianship of their daughter to save on college costs.
High College Costs Incentivize Gaming the System
- The high cost of college incentivizes families to find ways to save money.
- Many Americans feel they lack the power to negotiate college costs directly, leading them to seek loopholes.
Exorbitant College Costs
- The cost of college in the US has become exorbitant.
- Columbia University, for instance, costs around $75,000 per year.