Financial Aid

It’s our goal to make the financial aid process as easy to understand—and easy to complete!—as possible.

Have questions about filling out the FAFSA, what loan options are available for WyoTech students, or how to begin the financial aid application process? Start here!

If you make it through this page and still don’t have the answers you need… don’t worry! Our Student Finance experts are just a phone call away at 800-521-7158.

When should I apply for financial aid?

Short answer: We’ll let you know once you’ve completed enrollment! Generally, though, we recommend starting your research about five months out from your planned WyoTech start date. Once you’ve completed and submitted your WyoTech enrollment, we’ll be in touch to share your Federal Application for Student Aid (FAFSA) completion letter, at which point we’ll also give you specific dates to apply.

What information and documents do I need to apply for financial aid?

The very first step in the process is to complete a Federal Application for Student Aid (FAFSA). To do that, you’ll need to visit https://studentaid.ed.gov/sa/fafsa and have the following items ready:

  • Your Social Security number
  • Your Alien Registration number (if you aren’t a U.S. citizen)
  • Your federal income tax returns, W-2s, and other records of money earned
  • Bank statements and records of investments (if applicable)
  • Records of untaxed income (if applicable)
  • An FSA ID (which you’ll set up during the FAFSA application process) so you can electronically sign the FAFSA form

If you’re a dependent student (under age 24), you’ll also need most of the above information for your parent(s).

How do I apply for financial aid?

  • Complete the FAFSA
  • Submit your FAFSA to WyoTech
  • Complete the Master Promissory Note, a legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder
  • Complete Stafford Loan Entrance Counseling, in which you’ll learn more about the loan process and your responsibilities as a borrower

WHO IS ELIGIBLE FOR FINANCIAL AID?

To receive financial assistance, you must:

  • Usually, have financial need;
  • Be a U.S. citizen or eligible noncitizen;
  • Have a social security number;
  • If male, be registered with the Selective Service (if applicable);
  • If currently attending school, be making Satisfactory Academic Progress;
  • Be enrolled as a regular student in any of WyoTech’s eligible programs;
  • Not be in default on any loan made under any title IV program, not have obtained loan amounts that exceed annual or aggregate loan limits made under any title IV loan program, not have property subject to a judgment lien for a debt owed to the United States, and not be liable for a grant or Federal Perkins loan overpayment;
  • Have a high school diploma or its equivalent or have completed homeschooling at the secondary level as defined by state law;
  • Not be enrolled in either an elementary or secondary school;
  • Satisfy the title IV program specific loan requirements;
  • Have not been convicted of an offense under any Federal or State law involving the possession or sale of illegal drugs for conduct that occurred during a period of enrollment for which the student was receiving title IV program funds, unless eligibility has been regained; and
  • If previously convicted of, or pled nolo contendere or guilty to, a crime involving fraud in obtaining title IV program funds, has completed repayment of such assistance.


If I qualify, what options for financial aid are available?

Subsidized Stafford Loan

  • Available to students who demonstrate financial need
  • Interest rates may vary, based on when the loan is borrowed
  • 6-month grace period for repayment after you graduate or drop below half time
  • The U.S Department of Education pays interest:
        • While you are in school
        • For the first six months after you leave school (referred to as a grace period)
        • During a period of deferment (a postponement of loan payments)

Unsubsidized Stafford Loan

  • No requirement to demonstrate financial need
  • 6-month grace period for repayment after you graduate or drop below half time
  • You are responsible for paying all the interest that accrues from the date of the first disbursement until the loan is paid in full, including during the grace period

Federal Parent PLUS Loan

  • Taken out by your parent, in your parent’s name
  • Parent is liable for the payment towards this loan
  • Based on credit
  • Repayment starts 60 days after the loan is fully disbursed to the school
        • Option is available to postpone payments until 6 months after the student graduates or leaves school

Once all of the above items are completed, our Student Finance Office will review your documents, create an estimate of your financial aid eligibility, and let you know the amount of financial aid you’re eligible to receive.

Need Assistance?

Student Finance experts are just a phone call away at 800-521-7158.


WyoTech students Learning

MORE INFORMATION

What is WyoTech’s FAFSA school code?

009157

What happens if my FAFSA needs to be verified?

About 30% of all FAFSA filers are selected for verification, and it’s completely standard… so don’t worry! All it means is that we need to collect some additional documentation from you. Watch for an email from us, and we’ll walk you through the process to get it resolved!

What’s Entrance Counseling? Why do I need it?

An important (and mandatory) part of our financial aid process, Entrance Counseling is required of every student who takes out a loan, and it has to be completed before you can receive any funds. You’ll learn how the loan process works, how to manage your education expenses, what your responsibility is to pay the loan back, and more. It takes about 30 minutes, and it’s all done online! We’ll send you a link to complete it as soon as you’ve completed your FAFSA and submitted it to WyoTech.

Can I use my VA or GI Bill benefits at WyoTech?

Yes! However, the U.S. Department of Veterans Affairs (VA) ultimately determines student eligibility and assists students with utilizing these benefits. To get started, visit https://www.va.gov/education/.

Do I need to have my parents involved to get financial aid?

If you’re under age 24 as of December 31 of the year you’re applying for aid, you’re considered “dependent” for federal student aid purposes. Exceptions are if you:

  • Are married
  • Have dependents other than a spouse
  • Are an orphan
  • Are a veteran or active duty member of the US Armed Forces

So, the short answer is: Yes, you’ll need to have your parents involved in the financial aid process if you’re under age 24 and do not match any of the exceptions listed above.

What specifically will financial aid cover?

A Stafford loan will only cover a portion of your tuition at WyoTech. The remaining balance (room, board, etc.) can be covered with cash payments or with a Parent PLUS Loan, if you’re considered a dependent student per the Department of Education guidelines. (See: “Do I need to have my parents involved to get financial aid?)

If you choose to cover your remaining balance or full tuition with cash payments, please contact us at 800-521-7158 so we can create your payment plan.

How long after graduation do I have to start paying my loan back?

For both the Subsidized Federal Stafford Loans and Unsubsidized Federal Stafford Loans, you’ll have a six-month grace period after graduation before your first payment is due. If you have a Subsidized Federal Stafford loan, you won’t be responsible for paying interest on your loan during that time; if you have an Unsubsidized Federal Stafford Loan, you will.

To learn more about your loan repayment choices and estimate your monthly payments, visit https://studentaid.ed.gov/sa/repay-loans.

What happens to my financial aid if I fail to complete my program or drop out?

For students who terminate their training before completing the period of enrollment (i.e., students who receive a final grade of “W” or “WZ”), WyoTech will perform the Pro Rata Refund Calculation. Under the Pro Rata Refund Calculation, the school is entitled to retain only the percentage of charges (tuition, room, board, etc.) proportional to the period of enrollment completed by the student. The period of enrollment for students enrolled in modular programs is the academic year. The Pro Rata Refund Calculation and Policy is an institutional policy and is different from the Federal Financial Aid Return Policy and Return calculation; therefore, after both calculations are applied, you may owe a debit balance (i.e., you incurred more charges than you earned Title IV funds) to the school.

Students working on Semi Truck

Need Assistance?

Student Finance experts are just a phone call away at 800-521-7158.


FOR PARENTS

Can my son/daughter receive financial aid without my help?

If your student is under age 24 as of December 31 of the year you’re applying for aid, they’re considered “dependent” for federal student aid purposes unless:

  • They are married
  • They have dependents other than a spouse
  • They are an orphan
  • They are a veteran or active duty member of the US Armed Forces

So, the short answer is: Usually not, if they’re under age 24.

What steps can I take to help my son/daughter get financial aid?

The very first step in the process is to have your student complete a Federal Application for Student Aid (FAFSA). To do that, you’ll need the following information for both your student and yourself:

    • Your Social Security number
    • Your Alien Registration number (if you aren’t a U.S. citizen)
    • Your federal income tax returns, W-2s, and other records of money earned
    • Bank statements and records of investments (if applicable)
    • Records of untaxed income (if applicable)
    • An FSA ID so you can electronically sign the FAFSA form

What is a Federal Parent PLUS Loan?

The Parent PLUS loan is a credit-based loan with a fixed interest rate of 7.6%. for which parents of dependent-status students (under age 24) may apply. As a parent, this loan is in your name, meaning you’re liable for the payment. If you’re declined for this loan, you can add an endorser/cosigner, or call The Department of Education for reconsideration at 800-557-7394. Loan repayment starts 60 days after the loan is fully disbursed; however, you can also choose to postpone payments until 6 months after your student graduates or leaves school, for whatever reason.

What is a Direct PLUS Loan?

The Direct PLUS Loan is a credit-based loan for which parents of dependent-status students (under age 24) may apply. The Direct PLUS Loan Basics for Parents booklet shares all the details related to eligibility requirements, maximum amounts you can borrow, and repayment plans.

Students walking down hall together.