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Financial Aid for your Son or Daughter
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 that a first-year student received in 2012-2013 was $22,386. That means of the $37,990 published price, on average, a first-year student was only responsible for approximately $15,604. 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 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. 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!
Federal Parent PLUS Loan
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. 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. 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.
WJC 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 supplement for the 2013-2014 school year will be made available in March.
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