Evangel Christian Academy has partnered with the First Community Bank for a personal loan of tuition. By borrowing funds for tuition, you will have paid in full. This allows you to receive a $200 reduction in annual tuition. Looking closely at the amount borrowed, including principal and interest, you will pay less annually than if you were to pay full tuition over 10 months. The loan must be paid over 12 months (August 2006- July 2007) and the interest rate will vary depending on you credit score. The current interest rate is Prime + 1%. Below are a few scenarios on how you can save by borrowing. For applications and information, please call Cheryl at 883-4674, ext.106 or email cheryl.maturino@ecanm.org.
First Community Bank's Loan Officer is Deborah Legnon and her email address is dlegnon@fcbnm.com. First Community Bank's website is www.fcbnm.com
|
Scenario
|
Estimated fixed APR (prime + 1%)
|
With loan, pay reduced tuition,
Principal + Interest paid over 12 months
|
Without loan, pay full tuition, paid over 10 months
|
Annual Savings
|
|
One child 1st – 6th grade:
$3300 tuition (save $200 in tuition)
|
8.5%
|
$285.54 x 12 = $3426.48
|
$350.00 x 10 = $3500.00
|
$73.52
|
|
One child 7th – 12th grade:
$3700 tuition (save $200 in tuition)
|
8.5%
|
$322.71 x 12 = $3841.80
|
$390.00 x 10 = $3900.00
|
$58.20
|
|
$3700 (7th-12th grade) + $3300 (1st – 6th grade) = $7000
(save 2 x $200 in tuition, plus $200 for 2nd enrolled child)
|
8.5%
|
$605.69 x 12 = $7268.28
|
($390 + $350) x 10 = $7400
|
$131.72
|
|
|