Yep. It’s quite regular (extremely common). One such family even tried it for another purpose. That is, I knew about it before I even saw it as part of a college financial aid scheme because I was on the Board of a youth musical group and students were allowed to submit financial aid applications. I knew intimately about the family’s wealth and was appalled when they tried pulling this on our non-profit group which regularly needed to do fundraising just to stay solvent and pay music coach salaries and pay rent. But it’s super widespread as part of the college process. Disgusting.