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Return of Title IV Funds

Return of Title IV Funds. Presented by: Amanda McPherson, Director of Financial Aid, Zane State And Misty Amacher, Senior Financial Aid Advisor, Central Ohio Technical College. What is R2T4?.

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Return of Title IV Funds

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  1. Return of Title IV Funds Presented by: Amanda McPherson, Director of Financial Aid, Zane State And Misty Amacher, Senior Financial Aid Advisor, Central Ohio Technical College

  2. What is R2T4? • Students are awarded Title IV aid to attend school for a certain period of time. If a student withdraws from ALL classes after beginning attendance, then the school must determine the amount of aid that the student “earned”.

  3. Elements of R2T4 Payment Period or Period of Enrollment (34 CFR 668.22) and Federal Handbook Volume 3, Chapter 1. *For standard term, credit hour schools (semester, trimester or quarter hour programs) we use Payment Period.

  4. Elements of R2T4 Aid Disbursed & Aid That Could Have Been Disbursed • List total amount disbursed/could have been disbursed to account from: Pell, ACG, SMART, FSEOG and TEACH grant • Also include the net amounts from: Unsubsidized Stafford Loan, Subsidized Stafford Loan, Perkins, Grad PLUS and Parent PLUS Must have valid ISIR with official EFC, Loans must be certified, and MPN’s must be signed.

  5. Elements of R2T4 Official or Unofficial Withdrawal Date An official withdrawal is when the student follows the school’s official withdrawal policy OR has given an official verbal intent to withdraw. An unofficial withdrawal is when the student leaves the school without notification. It could be uncontrollable circumstances.

  6. Elements of R2T4 Institution Required to Take Attendance Both the official and unofficial withdrawal date for this institution is the last day of attendance according to the official school attendance record. Institution Not Required to Take Attendance The official date is the date the student initiated the withdrawal (verbal or written) OR it’s the last day at an academically related activity that can be confirmed.

  7. Elements of R2T4 Institution Not Required to Take Attendance The unofficial date can be the midpoint of the payment period OR the student’s last day at an academically related activity than can be confirmed and documented by a school official. Failing all classes may require an R2T4 calc. You will need the last date of attendance, if possible, or use the 50% point.

  8. Elements of R2T4 Amount of Title IV Aid Earned The amount of aid earned is determined by the number of days attended in the payment period. If the student withdraws through the 60% pt then an R2T4 calc must be completed. If the student withdraws past the 60% pt then they have earned 100% of their aid (however a calc must be completed).

  9. Elements of R2T4 Post-Withdrawal or Late Disbursement If the amount of aid earned is greater than the amount of aid that was disbursed, the student is eligible for a post-withdrawal disbursement. See attachment for specific guidelines. *For aid that could have been disbursed, include potential disbursements but school is prohibited from disbursing loan funds for a 2nd disbursement or a 1st time borrower who didn’t meet the 30 day hold.

  10. Elements of R2T4 Institutional Charges Institutional charges are used to determine the portion of unearned aid that the school must return. The institutional charges are the charges initially assessed to the student for the entire payment period. Include any adjustments if made before the withdrawal, not after. If institution decides to eliminate all charges, it will not affect the charges or aid earned in the calc.

  11. Elements of R2T4 Institutional Charges • Tuition • Fees charged to all students in a particular program or class • Books and supplies purchased on a line of credit or book voucher issued by the school • Room and board, on campus • Other educational expenses paid to the school directly

  12. Elements of R2T4 Amount & Order of Title IV Aid to be Returned The school has 45 days from the withdrawal date to return any “unearned” funds determined in the R2T4 calc. Must be returned in the following order: • Unsubsidized Stafford Loan • Subsidized Stafford Loan • Federal Perkins Loan • Grad PLUS • Parent PLUS • Federal Pell Grant • ACG • SMART • SEOG • TEACH Grant

  13. Elements of R2T4 Amount of Title IV Aid to be Returned The student may be responsible for returning a portion of the aid also. For loans, they are to be repaid to the loan holders according to the terms of the promissory note. Grants are limited to 50% of the total grants disbursed, or what could have been disbursed. Note: student is not responsible for returning funds to any program to which the student owes $50 or less.

  14. Elements of R2T4 Requirements and Deadlines See attachment provided from the 2008-2009 Federal Handbook , Volume 5, Chapter 2, pages 5-117 and 5-118.

  15. Contact Information Amanda McPherson amcpherson@zanestate.edu 740-588-1275 Misty Amacher mamacher@cotc.edu 740-366-9459

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