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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 an eight (8) month standard repayment, but may offer an extended 10 month or 12 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 montly 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 (2012) |
|
| Opening balance per statement* |
$18,995.00 |
| Plus Origination Fee |
+ $50.00 |
| Less Financial Aid |
- $______ |
| Adjustments (fees, payments, etc.) |
+/- $_____ |
| Net Charges |
= $______ |
| Divide by # of monthly payments |
4, 6 or 8 |
| Monthly payment due |
= $______ |
*If the student entered Jewell prior to the Summer 2010 semester, the opening balance may be lower. Also, note that any changes in room or meal plans may require an adjustment to the opening balance. |
