Wells
College Monthly Payment Plan
Students and parents can
enter into an agreement with the College to pay their billing charges in
a monthly payment plan that offers eight monthly payments. The participation
fee for this option is $40 per semester. First semester payments are due
on the 15th of August, September, October, and November, while
the second semester payments are due on the 15th of January,
February, March and April.
Academic Management
Service
Wells College has contracted
with an outside agency to provide students and parents with a 10-month
payment plan. There is no interest or finance charge to participate in
the plan. Families need only pay a $55 annual application fee, which includes
life insurance for the individual who contracts with AMS. All enrolled
students will receive a separate mailing on this payment option.
Federal PLUS Loan (Parent
Loan For Undergraduate Students)
This is a federally guaranteed
loan through a local participating lending institution. There are no income
restrictions; parents need only satisfy a credit check. The interest rate
varies from year to year but cannot exceed 9%. There are no annual or aggregate
limits to how much a parent can borrow on behalf of their dependent student.
However, a Federal PLUS Loan cannot exceed the student’s cost of attendance
minus their financial aid awarded. Maximum payment time is 10 years and
repayment begins within 60 days of disbursement unless an in-school deferment
is granted from the lender.
Alternative Loans
Alternate Loans are private
loans that are not guaranteed by the federal government. These loans are
obtained at local lending institutions that offer alternate loans for students
beyond the Federal Stafford Loan Program. The interest rate and repayment
terms will vary between lenders. These loans are not a form of federal
financial aid so their interest rates are higher. Students who do not have
a three year work history often need a co-signer in order to be approved
for the loan.
Last updated 10/14/2008
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