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Financial Aid for your Son or Daughter
Parent PLUS Loan | WJC Payment Plan | Unusual Circumstances
William Jewell understands the financial aid process at times can be overwhelming. This is true for parents who are sending their first child to college, or their third. Ultimately, it leaves you asking...
Can I afford to send my student to Jewell?
You've probably seen elsewhere on our website that the average gift aid (free money!) that a first-year student received in 2010-2011 was $18,302. That means of the $35,650 published price, on average, a first-year student was only responsible for approximately $17,348. Considering the cost of many large, public institutions, you'll find that this number is quite comparable. If your son or daughter is willing to finance an education with student loans or student employment, the amount due each semester continues to decrease.
But what if we want to limit our son/daughter's debt?
It is understandable that you don't want your student to graduate with unreasonable student loan debt. The average indebtedness of a Jewell student is $23,864 after graduation in four years. That represents an approximate monthly payment of $274 for 10 years. The national average for four-year graduates is $24,000. 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!
With so many resources available, how do you narrow things down? We hope that you have visited our webpages for scholarships, grants, and student loans, but there is another option to pay for college that is often overlooked called the Federal Parent Loan.
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Federal Parent PLUS Loan
The Federal PLUS Loan is a loan that you, the parent, borrows to assist a son or daughter. The student's financial aid award will indicate the approximate amount necessary to cover the balance for the entire semester; however, you may elect to borrow more or less depending on the student's needs.
Apply for a 2011 Direct PLUS Loan Now!
The FAFSA is required to process any Federal loan proceeds. Before completing the loan application, you are encouraged to visit www.fafsa.gov to complete the FAFSA so that there are not delays in processing.
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PLUS Loan Features
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Maximum borrowed amount equal to Jewell's cost of attendance less other aid received on a per student basis.
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A student must be enrolled at least half-time (6 hours), dependent undergraduate
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A 4.0% origination fee will be deducted from your loan proceeds by the Lender or Servicer
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Parent borrower's first payment is due within 60 days after full disbursement. Forbearance and deferment is available upon request with your Lender.
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Maximum 10 year repayment, minimum payment $50
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Credit check is required
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7.9% Fixed interest rate for Direct PLUS Loans.
You may choose to apply by phone however additional requirements will need to be completed such as signing the promissory note. By completing this process online you will have the option to sign the prom note online by completing the E-signature requirement.
Parents who have been denied the PLUS loan due to credit reasons allows their student additional eligibility for Federal loans. The U.S. Department of Education states that if a parent is trying to assist, and cannot due to credit-worthiness, then the student is eligible for additional unsubsidized loan money. The amount of eligibility is based on the student's year in school: $4,000 for first and second-year students; $5,000 for third and fourth-year students.
Financial aid proceeds will be applied against all student charges including tuition, fees, room and board shown on the student account. In addition, financial aid proceeds will be applied to cover allowable charges other than tuition, fees, room and board unless the student (or parent as the borrower of a Federal PLUS Loan) provides the William Jewell College Business Office a statement in writing requesting these other charges not be paid with financial aid proceeds. This written request will take effect on the date that the Business Office receives it and is not retroactive.
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Payment Plan
You may also elect to pay William Jewell on a monthly basis each semester rather than through long-term financing. Visit the First-year Applicant webpage for payment plan instructions if your student is entering Jewell for the first time in the summer of 2010 or later. Visit the WJC Upperclassman webpage for payment plan instructions if your student enrolled at Jewell prior to the summer of 2010.
Unusual Circumstances
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. 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.
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