Last week I reviewed the book Getting into College and Paying for It (I liked it -- gave it 7 stars) by Reecy Aresty. Since then, I've posted a few excerpts from this great book (and have a couple more to come). But I wanted to talk to him and ask some additional questions for those of you who may want more of an overview of his thoughts. Reecy was kind enough to grant me an interview and he's how it went:
Free Money Finance (FMF): Before we get started talking about Getting Into College and Paying for It, I'd like you to tell us a bit about yourself and your qualifications as a "college expert".
Reecy Aresty (RA): That’s a great question. I’ve been a financial consultant/advisor since 1977, and for the past 25 years I’ve helped thousands of families send their kids to the college of their choice for less than they ever dreamed possible.
FMF: What led you to write Getting Into College and Paying for It?
RA: After doing local (SE Florida) college admissions/financial aid seminars for several years, I was encouraged to put all my admissions and financial aid strategies together in a book, so families beyond my own area could benefit. I wrote the book, had it translated into Spanish (8 month project) and created a website. My media and client testimonials speak for themselves.
FMF: Tell us in your own words what the book is about.
RA: Getting Into College And Paying For It is a comprehensive parent/student manual in 2 sections that sets the stage during the high school years to guarantee the student that all-important edge when it comes time to apply to college. There are 38 income planning and numerous asset repositioning strategies, all time-tested and legal, that will enable any family, regardless of income or assets, to qualify for maximum financial aid.
FMF: What are the core concepts of the book?
RA: To get that all-important edge at application time, because all the financial aid in the world is worthless without an admission ticket. The goal for every family is the best education for the least possible cost.
FMF: Who is the book written for?
RA: Any American or Hispanic family with a college or college-bound student.
FMF: Why should people buy Getting Into College and Paying for It?
RA: Because my admissions strategies will guarantee any student an edge at application time, and my financial aid strategies (all documented) are legendary.
FMF: When should they buy it? It seems to me that people should purchase and read the book as their child reaches middle school -- is that correct?
RA: 8th grade is the perfect time, just before the student enters high school.
FMF: Let's focus a bit on just getting into a college of choice. What are the main steps parents and students need to take to be sure they get into their college of choice?
RA: First of all, the student must be “qualified” by having all the right numbers – GPA, SAT/ACT scores, club participation, vast numbers of community service hours, or their own fund raising project – and something they are passionate about. Colleges want good students who have a passion about something, which can be non-academic. Personal, oral, and email communications with heads of departments, admissions officers, coaches, etc. over several years help position the student, so the college can put a face to their application when the time comes. This all takes time, so a family needs to start early enough to lay all the groundwork for the mail event – submitting the applications, and there are strategies for that as well.
FMF: In the area of getting into the college of choice, what are the tips you provide that most parents and students leave out/don't take/don't know about/miss?
RA: Always write an extremely focused, Why I must Attend Your College essay, if the school doesn’t ask the question. If they do, write, We All Know What XYZ Has to Offer the World, Here’s What I Have to Offer XYZ. It can be bullet pointed, each one beginning with I. Have as many personal interviews as possible; preferably on, but off-campus as well. Leave the following with the interviewer: a resume that’s more than 1 page (you do have one don’t you?), a Why I Must Attend essay, and a business card – samples are in the book.
FMF: Regarding paying for college, what are the main steps parents and students need to take to be sure they get into their top college choice?
RA: Since most schools are need-blind (they don’t consider wealth an admissions criteria), it’s really not an issue. The next answer applies to all colleges.
FMF: In the area of paying for college, what are the tips you provide that most parents and students leave out/don't take/don't know about/miss?
RA:
1. Families need to know that in the financial aid formulas, students have no asset protection allowance, and every dollar they have will cost them 20 cents in lost financial aid per year. Therefore to qualify for maximum financial aid, they and their siblings must be broke. What would you think a financial aid officer would think if the student was broke, but his younger brother had $10,000? I recommend less than $100 in total assets per student.
2. Parents have an asset protection allowance (APA) which increases with age. Example: a 2 parent family, older parent 48 has $45,000; a single parent 45 only has $19,700. Parents will lose 5.6%/yr for every dollar over their APA.
3. In the financial aid calculations, students have a $3,000 income protection allowance, but every dollar earned over that will cost them 50 cents in lost financial aid.
4. 529 Savings Plans are considered a parent asset and assessed accordingly. If a family qualifies for need-based financial aid, and most do, then a 529 Plan can cost them thousands in lost financial aid.
FMF: Is there anything else you’d like to tell readers of Free Money Finance about preparing for college or Getting Into College and Paying for It?
RA: Yes. Anyone who purchases one of my books or an ebook, is entitled to a FREE 15 minute consultation with me to discuss their family’s own particular situation. The ebooks are in 2 parts – Admissions; Financial Aid. Please visit my website for additional information.
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Very, very, very interesting stuff -- especially since I'm in the process of setting what I feel we need to save for our kids' college expenses.
For more thoughts from me on college (planning for it, saving for it, etc.), see Best of Free Money Finance: College and Education Posts.
Why does he distinguish "American" versus "Hispanic"?
Posted by: Foobarista | September 12, 2006 at 04:24 PM