As I said, I hope you will take the Raw Class so I can improve your work, but this will do for now.
Obviously the hair is the only tricky part here. So you'd select each little area (don't attempt this until you've read the Levels Class) then add a Levels layer and use the white eyedropper on the background just beside the hair to drop it to white.
Download PSD
After that, it's a simple matter of adding a white Solid Color layer and masking it around the rest of him. Of course this will take a little time, but as long as you use the Shift Key in the correct manner, it won't be burdensome. The only fiddly part is at the end of the tassles. Unfortunately there's no shortcut for that, it'll just have to be painstaking masking.