First there was the college admissions scandal earlier this year, which revealed the elaborate lengths wealthy parents will go to get their children into elite schools, including faking a learning disability and forking over $1.2 million.

Now another trend shows what some parents will do to fatten the financial aid their children receive, even if they may not need it.

Dozens of parents in Chicago have transferred legal guardianship of their high school-aged children to someone else — often, a friend or relative— so that their children can declare themselves financially independent from them, likely enhancing their eligibility for federal, state and university aid. ProPublica Illinois first reported the news.

"At best, this is unethical," said Mark Kantrowitz, publisher of SavingForCollege.com. "At worst, these cases may involve fraud and perjury."

Independent students must report any money they receive from their parents on the Free Application for Federal Student Aid, or FAFSA, Kantrowitz said. "Failing to report this cash support is fraud, subject to fines up to $20,000 and/or up to five years in prison," he wrote in an email.