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W I L S O N T E C H S P R I N G 2 0 0 7<br />

Financial Help is Here!<br />

Call 631/667-6000, x455<br />

You can take advantage <strong>of</strong> many financing options through Wilson Tech. Financial help<br />

is available for part-time and full-time students who are eligible.<br />

FEDERAL FINANCIAL AID<br />

Eligibility Requirements<br />

To receive federal financial aid, you must:<br />

• Be a US citizen or eligible non-citizen<br />

• Be enrolled as a regular student in an<br />

eligible certificate program at BOCES<br />

• Eligible BOCES programs are:<br />

Practical Nursing<br />

Aircraft Maintenance Technology<br />

Surgical Technology<br />

Diagnostic Medical Sonography<br />

Es<strong>the</strong>tics & Cosmetology<br />

• Be a high school graduate, have a recognized<br />

GED or meet “ability to benefit” guidelines<br />

<strong>of</strong> federal government<br />

• For grants, be a student who has not earned<br />

a bachelor’s degree yet<br />

• Not be in default on previous student loans<br />

or owe a refund on previous grants<br />

• Make satisfactory academic progress as<br />

defined by BOCES<br />

• Be registered for Selective Service if male<br />

and 18 years or older<br />

Determining Financial Need<br />

Generally, financial aid is awarded on <strong>the</strong> basis<br />

<strong>of</strong> financial need. When submitting a Free<br />

Application for Federal Student Aid (FAFSA),<br />

you are asking <strong>the</strong> government to look at<br />

your income, dependents and assets and<br />

calculate how much you and your family can<br />

be expected to contribute towards education.<br />

Financial need is <strong>the</strong> cost <strong>of</strong> education less <strong>the</strong><br />

amount you can contribute.<br />

Federal Pell Grants<br />

Based on federal eligibility determined by<br />

<strong>the</strong> FAFSA, this award money is used for<br />

tuition and does not have to be repaid.<br />

Federal Stafford Loans<br />

Students may qualify for subsidized or<br />

unsubsidized loans based on financial need.<br />

Federal Plus Loans<br />

Available to eligible parents <strong>of</strong> dependent<br />

students. Repayment <strong>of</strong> principal and<br />

interest <strong>begin</strong>s immediately.<br />

LOANS FROM FINANCIAL<br />

INSTITUTIONS<br />

Many financial institutions, banks, and<br />

credit unions <strong>of</strong>fer loans to students<br />

and/or parents for education beyond high<br />

school. These private loans are meant to<br />

help students cover education costs not<br />

met by o<strong>the</strong>r forms <strong>of</strong> financial aid. It<br />

is recommended that students take full<br />

advantage <strong>of</strong> all government loans available<br />

to <strong>the</strong>m before considering a supplemental<br />

private loan. Terms and conditions <strong>of</strong> loans<br />

vary so read details carefully.<br />

Wachovia Education Finance<br />

Wachovia Education Finance has approved<br />

eligible Tech courses for <strong>the</strong> three following<br />

loans as well as Federal Stafford Loans and<br />

Federal Plus Loans. Wachovia <strong>of</strong>fers a fast<br />

online application. Details about eligibility<br />

requirements, interest rates, borrowing<br />

maximums, repayment schedule for any<br />

<strong>of</strong> <strong>the</strong> following loans <strong>of</strong>fered through<br />

Wachovia Education Finance are available<br />

at www.wachovia.com/education. Or, call<br />

1-888-953-4987. Note: Loan details are <strong>the</strong><br />

prerogative <strong>of</strong> Wachovia Education Finance<br />

and may be modified or discontinued at any<br />

time without notice.<br />

TERI ® Continuing Education<br />

For students enrolled on a part-time basis.<br />

This loan allows flexible repayment options<br />

and generous borrowing limits.<br />

Wachovia Education Loan sm<br />

For students enrolled at least part-time. This<br />

loan allows flexible repayment options and<br />

generous borrowing limits; apply alone or<br />

with a co-borrower.<br />

Federal Consolidation Loans<br />

This loan can combine your existing<br />

education loans into a new loan with a<br />

single monthly payment, a fixed interest rate<br />

and an extended repayment period.<br />

OTHER FINANCIAL OPTIONS<br />

Awards/Grants<br />

Various awards and grants are sometimes<br />

available for those who meet specific<br />

criteria and are looking to better <strong>the</strong>mselves<br />

through education. Ask for details when<br />

you register for a Tech program.<br />

Monthly Payment Plan<br />

Tech <strong>of</strong>fers convenient monthly payment<br />

plans for licensing and full-time programs.<br />

Ask about this option when you register.<br />

52<br />

Plan your career, call 631/667-6000, ext. 327

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