Archive for the Reecy Reports Category
In these trying economic times, the latest buzz on campuses is about college presidents earning outrageous salaries while students' financial aid packages are dwindling! If your president got a big raise, and you had a reduction in financial aid, then band together and PROTEST! I remember the 60's when there was campus unrest because of Vietnam. It's now time to relive those turbulent days, but with non-violence, and simply ask to take over the administration building, and boycott class
November 17, 2008
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Vanderbilt announced today that beginning with the 2009-2010 academic year, they will offer grants to all students in lieu of need-based loans. This applies to all new and returning students.
Way to go Vandy!
October 3, 2008
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The Obama education tax credit will not only target lower income families, but those of middle income families as well. Here's how the numbers stack up for two families of 4:
Adjusted gross income $66,000
Itemized deductions 20,000
4 exemptions @$3,500 14,000
Taxable Income $ 32,000
Tax $ 4,000
Tax credit 4,000
Tax due
September 15, 2008
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We apologize to all of you who have or would have signed up. We are re-scheduling for next Thursday, 8-14 and will include a special bonus for your inconvenience.
August 7, 2008
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Reecy will be the focus of a FREE teleseminar Thrusday, Aug. 7th. Get the details here. Learn legal secrets to qualify for maximum financial aid and how families can appeal unappealing financial aid offers!
August 5, 2008
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Reecy Aresty, president of College Assistance, Inc., an admissions/financial aid services company in Boca Raton, FL, announced today that he will be concentrating his efforts and financial aid expertise to assist MA families caught up in this latest loan snafu. Families are encouraged to send an email to reecy@paylessforcollege.com or call him for a FREE consultation at: 561.353.4000.
July 29, 2008
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In a sincere effort to make college more affordable, President Lyndon B. Johnson signed the Higher Education Act of 1965 allocating billions of dollars for low interest student loans. It is fair to say that the Johnson Administration could not have foreseen that their good intentions would actually lead to an escalation of college tuitions past the $50,000 mark!
In the same manner that insurance coverage has lead to obscene medical costs, the government’s federal aid for higher educatio
July 25, 2008
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Reported in Marketwatch
Student loan borrowers who commit to a decade of public service may see the remaining balance on their federal student loans forgiven under the government's new public-service loan forgiveness program.
Borrowers who enter public-service fields such as law enforcement, public education, or certain nonprofit work could have their remaining federal student loan debt forgiven, provided they work full-time for 10 years in an eligible public-service field and make 120 mo
July 21, 2008
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Pay Less For College, an interactive radio show, will debut Sunday, July 20 at 10:00 AM EDT on WNJC 1360 AM, stream on the Internet at wnjc1360.com, and shows will also be archived at Paylessforcollege.com. Reecy will answer listeners questions and explain the ins and outs of the college admissions/financial aid process and reveal what the colleges, the states, and the feds don't want families to know. Every show will deal with a specific topic and follow his College Funding Timeline.
July 18, 2008
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New rate schedule follows:
First disbursement of a loan:
Interest rate on the unpaid
balance
Made on or after
And made before
July 1, 2008
July 1, 2009
6.0 percent
July 1, 2009
July 1, 2010
5.6 percent
July 1, 2010
July 1, 2011
4.5 percent
July 1, 2011
July 1, 2012
3.4 percent
The above chart is for subsidized loans only; unsubsidized Stafford Loans remain at 6.8%.
June 27, 2008
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The Univ. of MI is hard up for cash, so they will raise tuition and fees for the fall term by 5.6%. Stay tuned for the latest info on your favorite schools.
June 20, 2008
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What most families don’t realize is that the economic stimulus check they may have already received was nothing other than a return of their own money! Depending on how much you actually paid???????? in taxes, you may have or will soon receive a check from Uncle Sam. If you got a refund for 100% of what was withheld, then the stimulus check will actually come from the US treasury.
Don’t spend it all in one place, or simply put it into a 529 Savings Plan; you may need it to drive to
June 10, 2008
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On May 7, 2008, President Bush signed into law the Ensuring Continued Access to Student Loans Act of 2008, which was supposed to quell panic in the student loan crisis. However, in reality, it did nothing more than add fuel to an ongoing fire by ensuring that the colleges and lenders will benefit at the expense of students and their families.
The new law follows on the heels of the Higher Education Reconciliation Act of 2005 (HERA), and should be re-titled the Ensuring Continued Increases to
June 4, 2008
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UM jumps the gun on new Stafford Loans
Two weeks before President Bush signed H.R. 5715 into law, Miami’s financial aid office had already cranked up the presses and doled out non-existent federal student aid. The new law enables undergraduates to obtain an additional $8,000 ($2,000/yr for four years) as an unsubsidized Stafford Loan.
A full 2 weeks before the Senate had even voted on it, Miami awarded a student an unauthorized Stafford loan rather than a Grant or scholarship, saving thems
May 28, 2008
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Additional aid can be obtained before school starts.
By now, you've received your award letter, and thousands of families are unaware they can be challenged. I’m a 29 year veteran of financial aid trench warfare and have been extremely successful at enhancing what many perceive is a lost cause - an appeal.
Here are a few of my guidelines for an appeal letter:
• 2008 income and/or assets will be substantially less than 2007
• Death, divorce, job loss, or excessive health bi
May 22, 2008
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Two students who I counseled will join the Class of 2012 have been shortchainged in their financial aid packages. Harvard ignored the 10% rule and overcharged one family $750. Per my instructions, the other family appealed and received an additional $6,000 of financial aid! What if they hadn't! If there are any Crimson students out there who would like a free review of their financial aid offer, please contact us ASAP!
May 13, 2008
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In 2007, the College Cost Reduction Act (H.R. 2669) increased both the Pell Grant (benefiting students) and the Stafford Loan (benefiting colleges & lenders). While there are far more Stafford borrowers than Pell recipients, the rich got richer at the expense of those less affluent.
Now, in May, 2008, the student loan crisis is taking another turn which will be reinforced by federal legislation, the Ensuring Continued Access to Student Loans Act of 2008 (H.R. 5715). Once again, to no
May 8, 2008
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Sallie Mae announced that it would no longer offer consolidations under the federally guaranteed loan program. Students typically consolidate their loans after they graduate, combining loans from each of their years in college into a single loan to make it easier to manage when paying back the money, assuming there is a better loan rate.
April 16, 2008
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The Yale School of Medicine has overhauled its financial aid policy with a major boost in aid to middle-income families. For 2008-2009, they will eliminate the required parental contribution for families making up to $100,000 per year. Way to go Elay!
April 14, 2008
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Beginning with the 2008-2009 school year, loans for incoming first-year students will be reduced an additional $500. This will result in a maximum loan per year of $1,000 for students whose family incomes are $50,000 or lower; $2,000 for family incomes between $50,000 and $80,000; and $3,000 for family incomes over $80,000. Way to go Middlebury!
April 8, 2008
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