Financial Aid for your Son or Daughter
You have probably seen elsewhere on our website that the average gift aid that a first-year student in 2014-2015 received over $20,000 from Jewell alone. In free gift aid! That means of the $40,030 published price, on average, a first-year student was only responsible for half. Factor in federal grants, state aid, federal work study and federal student loans, and the average financial aid award is nearly $31,000. Considering the cost of many large, public institutions, you'll find that the result is quite comparable to what you would pay out of pocket at a state school.
It is understandable that you don't want your student to graduate with unreasonable student loan debt. The average federal indebtedness of a Jewell student is $26,417 after graduation in four years. That represents an approximate monthly payment of $304 for 10 years. Remember, the federal government limits how much loan every student can borrow each year based on their classification (freshman, sophomore, etc.). Borrowing the maximum per year, for four years, is $27,000 total. When you consider that at many public universities it may take up to five or even six years to graduate, then you can see why Jewell is considered one of the nation's best bargains!
Federal Parent PLUS Loan
With so many resources available, how do you narrow things down? We hope that you have visited our web pages for scholarships, grants, and student loans, but another option to pay for college that is often overlooked is called the Federal Parent Loan, or PLUS. It offers the parent borrower a source of cash flow at a reasonable interest rate with long-term repayment that includes a deferment option. A parent may borrow up to the total cost of education less other financial aid received by the student. Approximately every $5,000 you borrow results in a $60 monthly payment. Maybe you don't want to borrow the total remaining balance. Then consider a combination of parent loan and the College's payment plan which follows. You may find that reliance on cash out-of-pocket in combination with a long-term loan makes better sense which ultimately saves you money in interest payments.
Jewell Payment Plan
The College provides a payment plan for families who wish to pay an account balance through a monthly arrangement per semester at a nominal fee. The College Business Office will work with you to establish a monthly payment that reflects the remaining balance after financial aid is applied.
Re-Evaluating the FAFSA
Jewell understands that every family financial situation is different. These situations often times are not represented on the FAFSA and the school can review these situations on an individual basis to determine if you may qualify for additional assistance. By submitting the Financial Aid Application Supplement you are notifying the college that your family's financial situation has changed from last year to the current year. Upon review of certain financial documents, we will determine if a financial aid adjustment is feasible. If you would like to inquire about changes to your FAFSA, print the following application.
A new supplement for the 2015-2016 academic year will be made available around March 1. Families should have their 2014 IRS Tax Return completed before requesting a supplemental review.