Millions of college students apply for federal financial aid each school year and there's a reported loophole that could be taking money from the students who need it most.

Recent articles from ProPublica and theWall Street Journal are exposing a loophole in the federal qualifications for financial aide saying wealthy families are giving up guardianship of their students in high school in an attempt to make college more affordable.

The student is then given "independent" status, meaning they'd now qualify for more financial aid since their parent's income can no longer be considered.