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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 (free money!) that a first-year student received in 2009-2010 was $18,302. That means of the $31,000 published price, on average, a first-year student was only responsible for approximatley $12,698. 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 $24,102 after graduation in four years. That represents an approximate monthly payment of $277 for 10 years. The national average for four-year graduates is $23,186. 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!
Student Loan Cheat Sheet
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.
Federal Parent PLUS Loan
The Federal PLUS Loan is a loan that you, the parent, borrow's 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 Now!
The FAFSA is required by William Jewell 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.
Complete the FAFSA Now!
You may choose a lender from one of the following comprehensive lists:
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 3.0% origination fee and a 1.0% default 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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8.50 Fixed interest rate
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.
Apply Now!
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 2010-2011 FAFSA, print the following application.
Financial Aid Supplement for your 2010-2011 FAFSA
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