Table of Contents

 

"How To Pay For College Without Going Broke"

 

by Reecy Aresty

      

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Table of Contents

  

 A Word From The Author   ------------------------------------- 12

 The Journey, Part I -------------------------------------------  14

 Introduction -------------------------------------------------- 15

 The Truth About College Funding -----------------------------  19

   

Section I

 

The Admissions Process

   

Chapter 1:  Pre-Admissions

 

Saving For College:

Custodial Accounts  ---------------------------------------------      25

Coverdell Education Savings Accounts a/k/a EIRA    ------------     25

529 Pre-paid Tuition & 529 Savings Plans             ----------------------     26

Retirement Plans    -----------------------------------------------     26

Non-Qualified Savings Plans  ------------------------------------     26

 

Selecting A College:

 

Consider This  ---------------------------------------------------         27

College Selection Websites -------------------------------------         28

The Official Unofficial Visit --------------------------------------           28

The Ivy League -------------------------------------------------          29

The Big 10 ------------------------------------------------------           29

The 7 Sisters    ---------------------------------------------------           29

Some Of My Favorite College -----------------------------------          29

Speaking The Language     ---------------------------------------          30

Qualifying The Qualified Student  -------------------------------           31

Identifying The Acceptable Student   ----------------------------           32

  

Chapter 2:  The 9th Grade Student

  

Setting The Stage For The High School Years:

Creating An Ideal Home Environment  --------------------------     35

The Core Subjects         --------------------------------------------     35

The Painful Truth        ----------------------------------------------     36

Building A House Of Stone       -------------------------------------     37

Negotiating For Better Grades      ---------------------------------     38

Extracurricular Activities:

Clubbing     -------------------------------------------------------         39

Volunteer & Community Service Hours   ------------------------       40

Summertime Activities    ----------------------------------------         42

Some Words Of Guidance:

The High School Guidance Counselor    --------------------------       42

The Private Guidance Counselor    -------------------------------     43

The International Baccalaureate Program (IB)  -----------------       44

The Alternative High School:

The Home Schooled Student    ----------------------------------       44

9^th Grade Summary     -------------------------------------------        44

ACT vs. SAT Comparison Chart   --------------------------------         46

 

Chapter 3:  College Planning For the 10th Grade

 

The Unprepared 10th Grader:

The Not Too Late “To Do” List       --------------------------------   49

Parent Involvement      ------------------------------------------     50

The On-Track 10th Grader:

The On-Track “To Do” List   -------------------------------------           51

Writing The All-Important Practice Essays        --------------------     52

The Common Application   --------------------------------------     52

The Early Bird Menu:

Early Admission   -----------------------------------------------     53

Early Read    ----------------------------------------------------        53

Early Decision     ------------------------------------------------       53

Early Decision II     -----------------------------------------------       54

Early Action   ---------------------------------------------------         54

Early Notification    ----------------------------------------------         54

Rolling Admissions   ---------------------------------------------         55

Open Admissions  ----------------------------------------------          55

10^th Grade Summary   -------------------------------------------          55

 

Chapter 4:  College Planning For The 11th Grade

 

Keeping Up The Good Work:

The 11^th Grade “To Do” List   ------------------------------------  57

The Official Campus Visit Checklist      -----------------------------  58

Questions You Must Ask The FAO      -------------------------------     59

 

Saving College Tuition Dollars With Alternative

High School Academics:

Co-op Study Program          ------------------------------------------     61

Dual Enrollment    -----------------------------------------------     61

Independent Study   --------------------------------------------     61

Correspondence Courses     --------------------------------------     61

Welcome To Internet University --------------------------------      62

Pre-Application Checklist ---------------------------------------        62

11^th Grade Summary    -------------------------------------------     63

 

Chapter 5:  12th Grade - The Main Event

 

Applying To College:

The Stuff That Dreams Are Made Of      ----------------------------           65

The Application    -----------------------------------------------         65

Answering Questions Properly     --------------------------------            66

Writing Essays That Count!  ------------------------------------         67

Personal Essay Do’s & Don’ts  ----------------------------------           70

The Special Essays    --------------------------------------------            72

Tips On The “Why I Must” Essay   ------------------------------           72

The Resume  ---------------------------------------------------           73

The Photo       -----------------------------------------------------           73

Submitting The Application:

Order of Submission   --------------------------------------------  74

The Electronic No No!      ------------------------------------------  74

Required Letters of Recommendation ---------------------------   75

Additional LOR’s       -----------------------------------------------   75

Extending Deadlines   --------------------------------------------   76

The Personal Interview:

Dressing For Success   ------------------------------------------  77

Questions Students Should Be Prepared To Answer      ------------  77

The Do’s & Don’ts Of The Personal Interview --------------------    80

The On Campus Interview  --------------------------------------    82

The Off Campus Interview  --------------------------------------   82

The Student Interviewer   ----------------------------------------   83

Post Interview Damage Control & Maintenance00---------------   83

The Waiting Game      ----------------------------------------------   84

You’ve Got Mail:

Acceptance   ----------------------------------------------------  84

January Admittance     -------------------------------------------  84

Deferral         -------------------------------------------------------  85

Deferral Options     -----------------------------------------------  85

Wait-Listed          ----------------------------------------------------  85

Postponement   -------------------------------------------------  86

Rejection      ------------------------------------------------------  86

Appealing The Rejection    ----------------------------------------  86

Deferring Enrollment        ------------------------------------------  87

 

Chapter 6:  Atypical Student Classifications

 

Students With Special Talents:

Performing Artists  ----------------------------------------------  89

The Audacious Audition    ----------------------------------------  89

Students Who Are Artsy Craftsy  --------------------------------  90

The Super Athlete   ----------------------------------------------    90

International Students:

Type-1   ---------------------------------------------------------  92

Type-1 Student Considerations   --------------------------------  93

Type-2   ---------------------------------------------------------    94

Transfer Students

Ordinary Transfer Students   ------------------------------------- 95

Extraordinary Transfer Students    ------------------------------- 95

Students With Special Circumstances:

Minorities    -------------------------------------------------------  96

Students With Disabilities   --------------------------------------  96

Students From Low Income Families          ---------------------------  96

Students Who Are Dependents of Veterans    ---------------------  97

Student’s From Down On The Farm      -----------------------------  97

Students of Separated or Divorced Parents:

The Custodial Parent        -------------------------------------------     97

The Non-custodial Parent   --------------------------------------  98

The “Unambiguous” Non-custodial Parent 00        ------------------  98

The “Ambiguous” Non-custodial Parent   ------------------------  98

Goin’ To The Chapel - Don’t!   ------------------------------------  99

 

Section II

 

The  College Financial Aid process

 

 Chapter 7:  Income Planning

Overview   -------------------------------------------------------   103

38 Income Planning Strategies That Work And One That Doesn’t-   103

 

- special report -

 

The Tuition and Fees Tax Deduction

Under The Microscope    -------------------------------------------  111

Gives To The Rich - Takes From The Poor     ------------------------  113

Summary   -------------------------------------------------------  114

Adjustments To Income  ----------------------------------------- 115

The Aresty Education Tax Relief Bill     ----------------------------- 117

The Taxpayer Relief Act of 1997:

The Hope Scholarship Credit    -----------------------------------    118

The Lifetime Learning Credit   ------------------------------------ 118

Penalty Free IRA Withdrawals   ----------------------------------    118

Coverdell Education Savings Account (EIRA’s)   -----------------     118

Student Loan Interest Deduction   -------------------------------    119

Employer Education Assistance Plan Exclusions   ---------------- 119

Qualified State Tuition Programs a/k/a 529 Plans   --------------   119

Summary   -------------------------------------------------------  119

 

Chapter 8:  Asset Repositioning

 

Identifying Family Assets:

Overview   -------------------------------------------------------     121

Identifying Student Assets  --------------------------------------   121

Avoiding The Student Asset Assessment   -----------------------   122

Identifying Parent Assets               --------------------------------------   122

The Asset Protection Allowance    --------------------------------   123

Student Asset Repositioning Strategies:

Tax Deferred Annuities    ----------------------------------------- 124

Modified Endowment Contracts  ---------------------------------    126

Gifting   ----------------------------------------------------------    127

Parent Asset Repositioning Strategies:

Tax Deferred Annuities   -----------------------------------------        128

Modified Endowment Contracts   --------------------------------          128

Gifting -----------------------------------------------------------     128

A Small Business With Less Than 100 Full-time Employees  -----     129

A Potpourri Of Additional Financial Strategies   ------------------     129

 

Chapter 9:  Financial Aid Overview

 

How Financial Aid is Determined:

The Financial Aid Process   --------------------------------------- 131

Speaking The Language   -----------------------------------------  131

The Financial Aid Formula    -------------------------------------- 132

The 4 Levels of Financial Need   ---------------------------------- 133

 

Chapter 10:  The Paperwork

 

Applying For Financial Aid:

Completing The CSS Financial Aid Profile (FAP)  -----------------  135

FAP Registration Answer Key For 2005-2006  -------------------- 136

FAP Answer Key For 2005-2006  --------------------------------- 136

Business/Farm Supplement   ------------------------------------ 138

Completing The FAFSA         ------------------------------------------ 138

FAFSA Answer Key For 2005-2006   ------------------------------  138

The Student Aid Report (SAR)   -----------------------------------  140

 

Chapter 11:  EFC

The Expected Family Contribution

 

How The EFC Is Calculated:

Federal Methodology (FM)  --------------------------------------   141

Institutional Methodology (IM) ----------------------------------   142

 

  Chapter 12:

Reducing The Cost of College

 

The Award Letter:

Gift Aid (Free Money)   ------------------------------------------- 145

Self-Help (Loans & Work-Study) --------------------------------- 145

Financial Aid Awards:

Scholarships   ---------------------------------------------------- 146

Grants:   ---------------------------------------------------------     147

- Pell Grant   -----------------------------------------------------     147

- Supplemental Educational Opportunity Grant (SEOG)  ---------      147

- Academic Competitiveness Grant (ACG)  ----------------------      147

- Nat’l. Science & Math Access to Retain Talent (SMART) Grant --    147

- State & Private Grants -----------------------------------------        147

Tuition Waivers   -------------------------------------------------        147

Subsidized & Unsubsidized Stafford Loans   ---------------------- 148

Perkins Loan         ---------------------------------------------------- 148

Parent’s Loan For Undergraduate Students (PLUS)       -------------  149

Federal Work-Study Award (FWS)   ------------------------------  149

Qualifying For “Special” Financial Aid  ---------------------------   149

Most Popular Private Loans    ------------------------------------    150

Unappealing Financial Aid Offers:

Financial Baiting   ------------------------------------------------ 151

Grounds For Appealing An Unappealing Financial Aid Offer         ------ 152

Negotiating For Maximum Financial Aid:

Travel Allowance   -----------------------------------------------     153

Winter Clothing Allowance   --------------------------------------  154

Freezing The Tuition   --------------------------------------------   154

Multiple Depositing   ---------------------------------------------    154

Private Scholarships   -------------------------------------------- 155

Federal Work-Study Award --------------------------------------    155

 

SECTION III

 

 REECY'S MAILBAG – MY FAVORITE 100 FAQ'S

Pre-Admissions   ------------------------------------------------       158

Admissions   -----------------------------------------------------   159

FAQ’s About:

Income Planning & Asset Repositioning  -------------------------   164

Atypical Students  -----------------------------------------------       167

Financial Aid   ---------------------------------------------------- 167

The Expected Family Contribution (EFC)   -----------------------     173

 

SECTION IV

 

references, appendices, & glossary

References:  State Higher Education Agencies ------------------- 175

Appendices:  ----------------------------------------------------- 182

Glossary: Abbreviations & Terms --------------------------------  208

The Journey, Part II ---------------------------------------------       228

Media Comments and Reviews ----------------------------------      230

Parent & Student Testimonials  ----------------------------------      232

  

 

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