I don’t understand the point that some are making of a “success fee” when clearly this consultant makes no promises of college placement or satisfaction with outcome of the admissions process.
Some IEC’s (and other professionals) get permission up front to charge a credit card at certain points. Not sure anyone has a quarter million dollar credit limit, but if Ivy Coach had such an agreement, they could have tried to post the charge (assuming the card was still valid).
The idea of different tax years is interesting- but then why make it December and not January?
The kid didnt apply to North Oklahoma Aggie Tech, so its a moot point.
As an independent college counselor myself, fees for packages do not extend even into December of senior year, not to mention all the way into freshman year of college. I have worked for college counseling companies as well, and some require the entire package be paid at the time of signing. Some allow for installments, as I do (mine are just a couple of installments like the counselor in this thread topic), but are finished before college outcomes are even released. I believe this to be the common practice in my profession.
There are lots of hooks: althletes, first gen, being an URM; development cases are just another hook.
If “donations” to the university are part of the fees as some have suggested, it seems quite plausible that those payments might be spread over several years, and especially that those donations wouldn’t be made at exactly the same time as admission is granted.
However, development and recruited athletes are the big hooks, compared to the others.
It seems to me that people are reacting strongly on this thread because these massive fees cast college consultants in a bad light.
MODERATOR’S NOTE:
Temporarily closing to clean up. I’m thinking about making the closure permanant.
MODERATOR’S NOTE:
Having deleted 21 posts, I am reopening the thread, but this is the last time.
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“I don’t understand the point that some are making of a “success fee” when clearly this consultant makes no promises of college placement or satisfaction with outcome of the admissions process.”
Or, maybe the attenuated fee timetable was set up to take care of situations where the admissions process dragged out. Like if the kid took a gap year and applied later.
But come on folks. You have a 7 figure fee that is backed up by a laughably drafted half page contract. Basically it is written on a napkin. It is sketchy/goofy on both sides.
Presumably the parents will argue that the contract has been terminated and therefore the executory payments are not owed. I don’t see anything in writing about whether the contract is/is not terminable, or what happens upon termination.
If you are really expecting to collect a 7 figure fee, you are a complete idiot to not have that contingency (and about 10 others I can think of) spelled out clearly in a multi-year agreement.
Thumper and soozievt: As to Lawrenceville, it is fair to assume that this well regarded prep school would not kowtow to Ivy Choice or this girl and her parents.
Ivy Choice’s contract states that it will assist in the preparation of counselor and teacher recommendation letters. A school like Lawrenceville, most likely, would never agree to this. It needs to protect its reputation and credibility now and into the future. Granting editorial/drafting rights to 3rd party educational consultants or students/parents does not happen at top level prep schools.
But, I easily see a lower-tiered prep school doing things, or allowing things, that others would not.
One additional thought crossed my mind. How could a school where a student only just recently started (either mid-Junior year or for her senior year) provide meaningful counselor/teacher recommendations in time for early decision?
$750,000 or $1.5 million provides a lot of incentives to bend the rules. But, of course, I am just speculating,
Following up on @northwesty: Large payments can be tied to an outside event such as the sale of an asset, awarding of stock options or other bonus payment.
But, I suspect, that it is tied to satisfactory placement just as recruiters & headhunters often repay fees if the candidate leaves within a stipulated period of time–typically 6 months.
I did read an article on the internet from 2008 or 2009, I cannot recall precisely, where the owner of Ivy Coach suggested that the main professional association for college consultants was engaging in anticompetitive behavior that might violate the antitrust laws. The discussion focused on fees.
Happens frequently with respect to state bars regulation of lawyers.
Correction: With respect to state bars’ regulation of the practice of law & UPL.
They do guarantee their services. From their website, posted on April 12, 2016:
https://www.■■■■■■■■■■■■/the-ivy-coach-blog/college-admissions/the-million-dollar-guarantee/
“There we go again. We hear you thinking it. And, yes, we saw that eye roll too. Whatever. We are not ashamed to command one million dollars to help earn your child admission to his or her dream school. In fact, we’re quite proud we can command such a fee. Indeed for one million dollars, we will guarantee that with our help at Ivy Coach your child will earn admission to his or her top choice university — or you will receive every single one of your green dollars back. So what we’re guaranteeing is that we will do everything we can to get your child into his or her top choice college and if we do not succeed, all of our help cost you nothing. And if we do succeed, your bank account is less one million dollars but you have one happy child on your hands. Side note: In our years of offering this guarantee, we’ve never had to issue one refund. You do the math…”
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