2019-2020 Terms and Conditions

As a recipient of financial aid, you, the student, are responsible for reading and adhering to the terms and conditions found in this document. Failure to do so could lead to a reduction or loss of financial aid. It is important that you read each message and the additional information by clicking on the hyperlinks when available, to understand each requirement. Some financial aid programs have specific eligibility requirements or may require additional forms and/or procedures to be completed by the student in order for funds to be received. For additional information, visit our web site at http://www.waketech.edu/financial-aid. If you have questions, contact the Financial Aid Office (FAO) at (919) 866-5410.

Statement of Education Purpose

Correspondence

Federal, State, and Institutional Eligibility Requirements

• Demonstrate financial need
• Have a high school diploma or GED
• Be enrolled in an eligible program of study for financial aid
• Maintain financial aid Satisfactory Academic Progress (SAP) (https://www.waketech.edu/financial-aid/applying-financial-aid/keeping-financial-aid)
• Not be in default or owe a repayment of Title IV funds
• Have a valid Social Security Number
• Be a U.S. Citizen or eligible non-citizen
• Be registered with Selective Service (males between the ages of 18 – 25)
• Not borrowed in excess of loan limits under the Title IV program
• Not exceeded the Pell Grant Lifetime eligibility
• Must have all requested documents/requirements on file before disbursements are made

To be eligible for federal and state financial aid, you must maintain Financial Aid Satisfactory Academic Progress (https://www.waketech.edu/financial-aid/applying-financial-aid/keeping-financial-aid) 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. If you are attending multiple schools, you must notify the Wake Technical Community College FAO.

Class attendance is required. Failure to attend classes may result in owing funds to Wake Tech or the Department of Education.

All financial aid recipients who withdraw before the end of a semester will be subject to review for a possible financial aid recalculation. The student may be required to repay federal, state, and/or institutional financial aid that has been received and/or applied to their student account. Contact the FAO before dropping or withdrawing from classes because doing so may result in owing funds to Wake Tech or losing eligibility for some financial aid.

A Free Application for Federal Student Aid (FAFSA) must be completely annually.

Financial Aid Awards

All grants and scholarships are pre-accepted. You must accept or decline other aid (loans) on Self Service, My Financial Aid. You may adjust the award amount downward one time, if you wish to borrow less on a student loan. You will be unable to make further adjustments online after you hit the “submit” link. If you wish to change anything after accepting your financial aid online, you must submit a Loan Request Change form to the FAO. If any changes are made to your initial financial aid by the FAO, you will be notified on Self Service and your my.waketech.edu email address.

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.

You must notify the FAO of any additional resources from any other source (scholarships, etc.).

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 credit hours) 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.

All awards are contingent upon receipt of funds from sponsoring agencies including the federal and state governments. Changes in allocations may result in changes to student awards.

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 loans will be disbursed in two equal installments. This applies to all students and all programs. All charges will be deducted prior to your refund being issued. Please review the refund schedule posted on the financial aid webpage for refund dates. To receive your financial aid funds and to be able to purchase books, you must complete the requirements listed below:

• 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.
• Any student who goes into default on a student loan, or who is found to owe a refund or repayment to a federal or state agency, Wake Technical Community College or any prior institution, may lose federal, state, or institutional funds until such obligation is satisfied according to each institution’s regulations.

Charges

You understand that any charges not covered by financial aid are your personal responsibility. This includes charges that result from a decrease to your initial financial aid after the semester has started.

You authorize the use of your financial aid to pay your tuition, fees, book store charges, and other school related charges such as parking fines, library fines, lab fee, etc. and prior year charges of $200 or less and all prior term charges within the same academic year. Please click one of the following:

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