All students must read and acknowledge the Financial Aid Terms and Conditions before accepting a Financial Aid Award. For more detailed information, you may visit our web site at http://www.waketech.edu/student-services/financial-aid. If you have questions, contact the Financial Aid Office (FAO) at (919) 866-5410.

Statement of Education Purpose

Correspondence

Federal Eligibility Requirements

• You must be in an eligible program for financial aid. It is your responsibility to ensure that you are in an approved financial aid program.
• To be eligible for federal and state financial aid, you must maintain Financial Aid Satisfactory Academic Progress towards your degree. Your cumulative GPA, completion rate, and maximum time limits for the completion of your degree are monitored each semester.
• Pre-curriculum classes are counted when determining satisfactory academic progress for the continuation of financial aid.
• Generally, you cannot receive federal financial aid at two schools simultaneously.
• Class attendance is required. Failure to attend classes may result in your owing funds to Wake Tech or the Department of Education.
• Contact the FAO before dropping or withdrawing from classes because doing so may result in your owing funds to Wake Tech or losing eligibility for some financial aid.
• A Free Application for Federal Student Aid (FAFSA) must be completely annually.
• You must be a U.S. citizen or eligible noncitizen.
• You must not be in default on a federal grant or loan.

Financial Aid Awards

• Your financial aid Cost of Attendance (COA) is based on an allowance for direct costs (tuition and fees) and indirect costs (housing, meals, etc.) for full-time enrollment. Your financial aid awards may not exceed your COA.
• Your financial aid awards are based on the assumption that you will be attending full-time. Your grant awards will be adjusted based on actual enrollment as of the census date (typically the 10th day of classes).
• If your last day of attendance is prior to the census date and financial aid funds are disbursed to your account and a refund issued to you, you will be responsible for repayment of all financial aid funds.
• Audited and challenged classes are not eligible for financial assistance and do not count toward enrollment for purposes of financial assistance or loan deferment.
• You may only receive financial aid for 30 credit hours of pre-curriculum course work.
• You may only receive one full academic year loan while completing pre-curriculum courses.
• You may only receive financial aid for classes that are required for completion of your Wake Tech degree.
• You must accept any Federal Direct Loans you wish to receive.
• You must be attending at least half-time (six credits) at the time of loan and state grant disbursement.
• If you register for classes and do not attend you must repay any financial aid disbursed for the term. It is your responsibility to drop your classes. Your approved financial aid award prevents your classes from being automatically dropped for non-attendance.
• If you withdraw from all classes prior to the 60% point of the term, you may be required to repay a percentage of your federal financial aid.
• The North Carolina State Grant programs, i.e. North Carolina Community College Grant and North Carolina Education Lottery, require a repayment of funds if you withdraw prior to the 35% point of the semester.
• Students may repeat a previously passed course one time.
• Students may repeat a failed course until it is passed. However, each attempt counts as an attempted course in the computation of your completion rate.

Mini-mester Classes

• If you enroll in the standard sixteen week semester you must register for all classes, including mini- sessions, by the census date. Students enrolled in the standard term will not receive additional grant funding for mini-sessions added after the census date.
• Financial Aid for students enrolled in a combination of 16-week courses and 1st mini-mester courses and 2nd mini-mester courses will be disbursed according to the published Refund schedule. If financial aid funds are disbursed to you in anticipation of enrollment in an upcoming mini-mester and you do not begin classes, you are responsible for repayment of funds. Students enrolled in 2nd mini-mester only classes will not receive financial aid until enrollment is confirmed.

COURSES NOT REQUIRED FOR YOUR PROGRAM OF STUDY

• You are expected to be familiar with the course requirements for your program.  Courses not required for completion of your degree, with the exception of pre-curriculum courses, cannot be considered when determining your eligibility for financial aid. Upon review of your schedule prior to disbursement of financial aid, if you are registered for courses not required for your program of study your aid will be adjusted. If aid is disbursed prior to review and later determined that courses are not in your program of study it will be adjusted retroactively and you will be billed for the overpayment. Therefore, it is imperative that you review the requirements of your program of study.

 Loan Disbursements and Loan Requirements

• All first-time Wake Tech borrowers must complete Loan Entrance Counseling at https://www.StudentLoans.gov
• All first-time Wake Tech borrowers must electronically sign a Direct Loan Master Promissory at https://www.StudentLoans.gov
• All one-semester loans, i.e. fall only loans, spring only loans or summer loans, must be disbursed in two equal payments. The second payment cannot occur earlier than the midpoint of the loan period.

Charges

• By accepting this award you acknowledge that you have read and understand and accept the Financial Aid Terms and Conditions.