Loan Scandal
Financial Aid Expert Exposes Bait and Switch in
College Loan Increase
Boca Raton, FL – New twist in college loan scandal
College funding expert Reecy Aresty, critically-acclaimed author of How to Pay for College Without Going Broke, is exposing how the federal government and the colleges have found yet another way to fleece needy families in this latest development of the college loan scandal.
“This year, millions of families went through the financial aid process,” says Aresty of PaylessForCollege.com, “and without realizing it, the increased Stafford Loans they received immediately benefited the colleges – not student borrowers. Unless the Dept. of Education reverses its position, the federal government and the lenders will get their share of the spoils at payback time.”
If a family received need-based financial aid for 2007-2008, “and most did,” Aresty explained, “then the Stafford Loan increase benefited the colleges who reduced their amount of aid in direct proportion to the loan increase: $875 for freshmen, $1,000 for sophomores, and $2,000 for graduate students.”
The net result will be more interest paid back over time to the lenders who will finance the loans. Once again, the rich get richer at the public’s expense. “I can’t understand how the media overlooked this obvious bait and switch,” Aresty said, “but I’m encouraging everyone to write their Congressmen to reverse this latest twist in the college loan scandal.”
He also pointed out that “the Pell Grant increase, free money Congress appropriated, should have been coupled with a Stafford Loan decrease.In that way students would have been the true beneficiaries. The simplicity of this deception is astonishing, and the reality of it is shameful,” he said.
About Reecy Aresty: Reecy is a respected financial advisor, critically-acclaimed author and lecturer with nationwide media credits. He is the founder and president of College Assistance, Inc. in Boca Raton, FL and presents free seminars coast to coast. For nearly three decades, his successes in admissions and financial aid trench warfare have helped thousands of families send their kids to the college of their choice for less than they ever dreamed possible. His innovative negotiating techniques have turned unappealing award letters into millions of dollars of additional financial aid.
Interview Requests: Reecy is available for television, radio and newspaper interviews. He will share trade secrets, insider information and reveal to your audience what our colleges, universities, and the federal government don’t want them to know: how private scholarships benefit colleges, the tax refund waiting for eligible college families that’s theirs for the asking, how new legislation is guaranteed to save small business owners a fortune, and so much more.
Contact: Reecy Aresty (pronounced Ar – S – T)
Email: reecy@PaylessForCollege.com
Media Page: http://www.PaylessForCollege.com/media_credits.asp
Contact Reecy: 561.362.7499