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Zac - Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching Off My Parents

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In keeping with the new frugality, this college guide, written by a senior attending the University of Massachusetts, offers practical advice on how to pay for college without taking out loans. Decidedly old school in approach, Bissonnette advocates that students should bear the brunt of paying for their educations by working while in college and during breaks. He also suggests that attending community college for two years before transferring to a four-year college or university would go a long way toward cutting costs. Systematically and amusingly debunking the selection criteria used by U.S. News and World Report and others to rank elite colleges, Bissonnette is a strong advocate of attending reasonably priced state schools. He makes good points about how debt from student loans often prevents recent grads from starting families or buying homes. He also presents convincing research that elite graduate programs and selective employers accept plenty of people who have attended nonelite schools. Although the strictly dollars-and-cents approach to higher education may not sit well with some parents, this is a timely guide to a decision that has important financial ramifications. --Joanne Wilkinson

Review

If the National Association for College Admissions Counseling had anticipated the dire consequences of one of the smartest teenagers in America encountering the ill-examined assumptions of their profession, they might have found some way to buy him off, maybe a full ride scholarship to Harvard. Too late. Bissonnette is 21 now, a senior at the University of Massachusetts. He has written the best and most troubling book ever about the college admissions process.
-Jay Mathews, The Washington Post

Let Zac Bissonnette help you plan for college-where to go, what to study, and how to pay for it-and you will finish rich
-David Bach #1 New York Times bestselling author of The Automatic Millionaire and Start Late, Finish Rich

In the new economy, your college choice is critical. Zac Bissonnettes Debt- Free U is the one book you need to make this life-changing decision-- thoroughly researched, smart, and funny. Grade: A+.
-Ali Rogers, CBS Moneywatch. Author, Diary of a Real Estate Rookie

With Bissonnette, college-bound students and their parents finally have an unbiased source to help make an educated decision about choosing and affording college. Not to mention, his advice can help you pocket tens if not hundreds of thousands of dollars. Want to make a smart investment in this economy? Buy Debt-Free U.
-Farnoosh Torabi, financial expert and author of Psych Yourself Rich

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ACKNOWLEDGMENTS
It takes a lot of people to help someone as stubborn as I am put together a book thats anything close to publishable. For everything that is good about this book, the credit goes to:
Andrew Tobias, the bestselling financial writer turned savior of the planet who helped me formulate the idea for this book and introduced me to...
David Kuhn, the best literary agent on the planetwho went so far beyond the norm of literary agents to make this book happen. Also: his lovely assistants Jessi Cimafonte and Billy Kingsland.
My aunt Jodi Tussing, who, in addition to being the most ethical person in the history of the real estate business, is one of the best people in the world.
All the big shot financial journalists and personalities who have been so generous with their time and expertise, especially Gary Weiss, Farnoosh Torabi, Herb Greenberg, Suze Orman, David Bach, Stuart Elliott, Jean Chatzky, and Ali Rogers.
Everyone at Penguin/Portfolio: Adrian Zackheim, Adrienne Schultz, Brooke Carey, Maureen Cole, and Will Weisser.
My publicist, Barb Burg, who took me on as a client even after I totally slept through our first breakfast meeting and left her alone at a diner waiting for me. It was an alarm clock malfunction, I swear!
The entire team at AOL Money & Finance, WalletPop, Daily-Finance , BloggingStocks, and whatever other brands weve launched by the time you read this. Especially the following people, who have been wonderful friends, colleagues, mentors, and tough editors: Amey Stone, Beth Pinsker, Sarah Gilbert, Julie Tilsner, Andrea Chalupa, Todd Pruzan, Tobias Buckell, Sheldon Liber, Michael Rainey, Melly Alazraki, Aaron Crowe, Jon Berr, Tom Barlow, David Schepp, Geoff Williams, Jason Cochran, and Josh Smith.
The lovely Tracy Coenen, who, in addition to being supersmart, can always make me laugh when she isnt making me cry. And of course Kevin Kelly, who encouraged me to get started in writing and made all this happen. He will be very famous in a few years.
My two ex-con sources, who helped me learn everything I needed to know about how people get financially screwed: Barry Minkow and Sam E. Antar, who is almost as awesome as he is crazy.
All my friends at UMass, who are living proof that smart people can get a fantastic education at public universities, but especially the original members of the Badd Boys Club: Ryan, Tommy, and Onri.
A good teacher is one of the most powerful things that can make someones life better. Ive been fortunate to have a bunch of good teachers (in chronological order): Becky Lash, Mrs. James, Mr. Brown, Mr. VanSant, Mr. Metzger, Mr. Pontes, and Mr. Hillebrand.
My family: Grandma, Dad, Nate, Ramsey, and my Jewish mother, Beth Wechsler. My lifes ambition is to one day be as successful as she already thinks I am.
PORTFOLIO / PENGUIN DEBT-FREE U
Zac Bissonnette is a writer and editor with AOL Money & Finance. He writes daily for DailyFinance.com, AOLs financial news and analysis destination, and has appeared on CNN, written for the Boston Globe and the Daily Beast, and been quoted in media outlets such as WSJ.com, the Salt Lake Tribune, Bloomberg, and Reuters .com. He is an art history major at the University of Massachusetts, Amherst.
CONCLUSION
In this book Ive tried to convince you of four things:
You shouldnt sacrifice your own financial security to help your child pay for college.
Your child should take out absolutely no student loans if possible and if he does take out loans, it should be done as a last resort in the last year or two of his educationand only after all cost-cutting measures have been explored. If you still have any furniture left in your house and have eaten anything other than ramen in the past two months, you should not take out student loans.
Attending college is far, far more important than attending a certain college. Students who attend a less expensive college will not be at a disadvantage.
The effort that a student puts into her educational experience is far more important than where she goes to school. A student whos willing to work hard and work smart can do well at any school.
Spurred on by the Great Recession, exploding college costs, and student debt nightmares, a number of pundits have questioned whether college is really worth it at all. In October 2008, the Chicago Tribune asked, Is College Worth It? The answer is still an unequivocal yeseven more so now as jobs that could once be had with high school diplomas now require bachelors degrees, and industrial jobs are shipped overseas. But putting aside the financial benefits, the intangible good that comes from higher education also makes it a worthwhile venture. The problem is that all the bad things about college in twenty-first century America threaten to overwhelm all the good things about it. When I began this project in 2008, a majority of American undergraduates were borrowing money to pay for college. Now, just two years later, a supermajority are doing so, and the percentage of those students who are using dangerous private loans has more than doubled.
Make a list of the reasons your child wants to go to collegeand the reasons you think your child should go to college. Chances are that youll come up with something like this:
Increased income and job security: Studies have shown that a student who attends the average public college and pays the entire cost of attendance with student loans will need to work for decades before the missed work time and interest payments are outweighed by the increased earnings that come with a bachelors degree. Only by keeping college costs to a minimum and avoiding interest expenses can you avoid this fate. It used to be that a bachelors degree was a nobrainer as a financial investment. Rising college costs mean thats no longer the case, the way that most people are paying for college. The solution? Spend as little money on college as possible, and pay as you go. Otherwise, the interest charges on education financing will eat deep into the returns. As I demonstrated amply in Chapter 3, spending more on college will not increase the return on investmentit will destroy it.
A chance to build wealth: A survey of the Forbes 400 found 75 percent reporting that getting out of debt and staying out of debt is the best way to build wealth. Thats what the richest people in America say. Its possible that your neighbor and the financial aid officer and the guy at the gym know something about wealth-building that the richest people in America dontbut do you really want to bet your childs future on it?
The ability to pursue dreams: What education giveth in terms of freedom and opportunity, student debt often taketh away. In extreme cases, students who default on student loans can be denied the renewal of professional licensesstudent loans can get in the way of becoming a doctor, lawyer, accountant, or engineer, even though theyre sold as the products that can make those dreams possible.
Attending graduate school: According to surveys, a majority of college freshmen report an interest in attending graduate school. However, large debt obligations can make this dream difficult. Students who are able to defer their loans for graduate school continue to accumulate interest while they study, and for students interested in expensive graduate programs, the combination of undergraduate and graduate debt may put the dream out of reach. As I discussed earlier, attending a less elite school does not hurt your childs chances of getting into graduate school, especially for students who work hard and get good grades.
A wonderful and memorable four years:
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