Keeping Your Financial Aid
KEEPING YOUR FINANCIAL AID
Keeping your financial aid involves making continued successful progress toward getting your degree. Federal regulations require that the Financial Aid Office continually monitor your eligibility for receiving aid. Academic progress is reviewed at the end of each academic term. Satisfactory Academic Progress (SAP) is assessed in primarily three areas:
Grade point average
You must maintain an overall, cumulative grade point average of a 2.0 for attempted credit hours. Note: Pre-curriculum hours count in the computation of the GPA for financial aid purposes.
You must successfully complete at least 67% of the cumulative credit hours attempted.
(Divide number of earned credit hours by the number of attempted hours).
Federal regulations require that you complete your program of study within a time frame of 150% of the number of credit hours required to graduate. If a student’s program should be completed in 64 credit hours, then the student would be eligible to receive financial aid for up to 96 attempted credit hours (64 x 150%). Keep in mind that if you have changed your major, all preceding credit hours will be considered in the total. Just changing to a new major does not wipe out your history.
Should you not meet any of the above standards, you will be placed on financial aid warning status for a (one) semester. Once reviewed at the end of the warning semester, you will either be back on satisfactory status or suspended from receiving financial aid. You will be notified by email (and Financial Aid Self Service) of your status regardless each term.
PLEASE BE AWARE OF THE FOLLOWING:
When you withdraw from a class, the hours are counted as hours attempted but not completed. Therefore, making a habit of withdrawing from a class can jeopardize your completion rate and thereby affect your eligibility for financial aid.
A complete withdrawal from Wake Tech may also mean that you will have to pay back financial aid received. Withdrawing from all classes before the 60% point of the semester would require recalculation of eligibility for financial aid based on the percent of the semester completed.
Before withdrawing from a class, be sure to contact the Financial Aid Office to determine how withdrawing will affect your financial aid.
Federal regulations allow for only 30 credit hours of pre-curriculum coursework. Once a student reaches the maximum of 30 hours, the student would be responsible for paying for any remaining pre-curriculum coursework.
Workforce Continuing Ed, Audited Classes, Challenged Courses
Financial aid cannot be used to take continuing education courses nor classes that a student is auditing. If a student “tests out” of a course or successfully challenges a course, financial aid cannot be used to pay for the course. Additionally, courses not required for completion of a Wake Tech degree cannot be paid by financial aid.
If you have been placed on suspension or termination from financial aid, you may submit an appeal request explaining extenuating circumstances and provide documentation to the Financial Aid Director, Appeals. Your appeal will be reviewed by the Financial Aid Satisfactory Academic Progress Committee and you will be notified of the outcome.
Your final eligibility for aid will be based on the number of eligible credit hours for which you are enrolled at the 10% point of the semester. If you register and then drop class(es) prior to that date, your eligibility for financial aid will be RECALCULATED based on your remaining eligible hours as of the 10% point of the semester. Students who receive a financial aid payment based on more hours than those remaining as of the 10% point of the semester may be responsible for repaying a portion of any financial aid received. Dropping classes may affect your eligibility for future financial aid. You should consult the Satisfactory Academic Progress Policy to determine if dropping classes will affect your eligibility for financial aid.
Total Withdrawal from School
If you register and then totally withdraw from all classes, your eligibility for financial aid will be RECALCULATED based on the number of days you attended class. If you withdraw on or after the first class day, you may have to repay a portion of any cash financial aid received. See Return of Title IV Funds below. If you totally withdraw, you should consult the definition of Satisfactory Academic Progress to determine if your withdrawal will affect your eligibility for future aid.
Return of Title IV Funds
The Higher Education Amendments of 1998 changed the formula for calculating the amount of financial aid a student and school can retain when the student totally withdraws from all classes. Students who withdraw from all classes prior to completing 60% of the semester will have their eligibility for financial aid recalculated based on the percent of the semester completed. For example, a student who withdraws completing only 30% of the term will have "earned" only 30% of any Title IV financial aid received. The remaining 70% must be returned by the school and/or the student. In addition, as of July 2012, the State of North Carolina implemented a refund policy for students receiving state grants who withdraw from all classes prior to completing 35% of the semester. The Financial Aid Office encourages you to read the complete copy of this policy carefully. If you are thinking about withdrawing from all classes PRIOR to completing 60% of the semester, you should contact the Financial Aid Office to see how your withdrawal will affect your financial aid.
Return of Title IV Funds Procedure
This procedure shall apply to all students who withdraw, drop out or are expelled from Wake Technical Community College and receive financial aid from Title IV funds. The term "Title IV Funds" refers to the Federal financial aid programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs:
- Federal Pell Grants
- Federal SEOG
- Federal Direct Loan programs (subsidized and unsubsidized)
- Federal Direct Parent PLUS loans
Students who withdraw from all classes prior to completing more than 60% of an enrollment term will have their eligibility for financial aid recalculated based on the percent of the term completed. For example, a student who withdraws completing only 30% of the term will have "earned" only 30% of any Title IV financial aid received. The remaining 70% must be returned by the school and/or the student. Wake Tech encourages you to read this procedure carefully. If you are thinking about withdrawing from all classes PRIOR to completing 60% of the semester, you should contact the Wake Tech Financial Aid Office to see how your withdrawal will affect your financial aid. Once you have completed more than 60% of the enrollment term, you earn all the financial aid that you were scheduled to receive for that period.
As Wake Tech is an institution that does require attendance keeping for all courses, a student’s withdrawal date is:
- The last date of attendance as reported by the instructor or
- The date that the student initiates the withdrawal process
Refunds due on all institutional charges, including tuition and fees, will be calculated using the state refund procedure. Please refer to website for more information regarding the Wake Tech refund policy.
Calculating the Return of Title IV Refund
Title IV financial aid is earned in a prorated manner on a per diem basis up to and including the 60% point in the semester. The percentage of Title IV financial aid earned shall be calculated by dividing the number of days completed by the student by the total number of days in the semester/term. The percent of term completed shall be the percentage of Title IV financial aid earned by the student.
Number of days completed by student
Total number of days in term**
*The total number of calendar days in a term of enrollment shall exclude any scheduled breaks of more than five days.
The percentage of Title IV financial aid unearned (i.e., to be returned to the appropriate program) shall be 100% minus the percent earned. Unearned financial aid shall be returned first by Wake Tech from the student’s account calculated as follows:
Total institutional charges X percent of unearned aid = amount returned to program(s)
If you did not receive all of the funds that you earned, you may be due to a P st-withdrawal disbursement. If your Post-withdrawal disbursement includes loan funds, you must give your permission before we can disburse them. You may choose to decline some or all of the loan funds so that you don’t incur additional debt. Wake Tech will automatically use all or a portion of your Post-withdrawal disbursement of grant funds for tuition, fees, and other institutional charges. We need your permission to use the Post-withdrawal grant disbursement for all other school charges. If you do not give your permission, you will be offered the funds. However, it may be in your best interest to allow Wake Tech to keep the funds to reduce your debt at the school.
There may be some Title IV funds that you were scheduled to receive that cannot be disbursed to you once you withdraw because of other eligibility requirements. For example, if you are a first- time, first-year undergraduate student and you have not completed the first 30 days of your program before you withdraw, you will not receive any Direct Loan funds that you could have received had you remained enrolled past the 30th day.
Returning Funds to the Department of Education
Unearned Title IV financial aid shall be returned to the following programs in the following order:
|1. Federal Unsubsidized Direct Loan||4. Federal PELL Grant|
|2. Federal Subsidized Direct Loan||5. Federal SEOG|
|3. Federal Parent PLUS Loan||6. Other Title IV grant programs|
Any loan funds that you must return, you (or your parent for a PLUS Loan) repay in accordance with the terms of the promissory note. That is, you make scheduled payments to the holder of the loan over a period of time.
Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive. You do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. You must make arrangements with your school or the Department of Education to return the unearned grant funds. If it is determined that you owe an overpayment of grant funds, you will be contacted by letter and given 45 days to repay the overpayment to Wake Tech. At the end of the 45 day period , the overpayment will be turned over to the Department of Education.
This policy is separate from the Institutional refund policy.
If a student does not begin attendance in all classes or ceases attendance during the 100% refund period, aid may have to be reduced to reflect appropriate enrollment status prior to recalculating Return to Title IV Funds.
Unpaid balances due to Wake Technical Community College that result from amounts returned to Title IV programs and other sources of financial aid will be charged back to the student.