College Payment Plans

Students may elect to pay William Jewell on a monthly basis each semester rather than through long-term financing. The College defaults to a four (4) month standard repayment per semester, but may offer an extended five (5) month or six (6) month option as requested. The fee is $50 per semester. The table below provides an estimate of what could be due per month:

Balance Owed to WJC 8 Payments per Year 10 Payments per Year 12 Payments per Year
$2,000 $262.50 $210 $175
$5,000 $637.50 $510 $425
$10,000 $1,262.50 $1,010 $841.66
$15,000 $1,887.50 $1,510 $1,258.33
$20,000 $2,512.50 $2,010 $1,675
$25,000 $3,137.50 $2,510 $2,091.66

Compare the monthly payment above with that of a Parent Loan to determine if short-term or long-term financing is right for you.

For every $5,000 borrowed, a parent can expect to incur a $60 monthly payment:

Amount Borrowed Monthly Payment* Total amount paid*
$5,000 $60.39 $9,059
$10,000 $120.79 $18,119
$15,000 $181.19 $27,179
$20,000 $241.59 $36,239
$25,000 $301.99 $45,299
$30,000 $362.39 $54,359

*These figures are based on a 10-year standard repayment period. Minimum $50 monthly payment.

Calculating your monthly payment

To determine the amount of your monthly payment in the College Payment Plan, use the formula below:

Payment Calculation (2013)  
Opening balance per statement* $19,510.00
Plus Origination Fee +    $50.00
Less Financial Aid -  $______
Adjustments (fees, payments, etc.) +/- $_____
Net Charges = $______
Divide by # of monthly payments   4, 5 or 6
Monthly payment due = $______
   

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