Calculating a R2T4 Refund

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Presentation transcript:

Calculating a R2T4 Refund R2T4 Workshop Calculating a R2T4 Refund Tim Marten Financial Aid and Compliance Officer St. John’s College of Nursing Springfield, IL Champions of Financial Aid - 2017 ILASFAA Conference

Champions of Financial Aid - 2017 ILASFAA Conference What is R2T4 R2T4 is a federal regulation that impacts students and institutions if a student fails to complete a full semester, clock hour program, or module. Schools are responsible for calculating R2T4 on students that withdraw or drop below Title IV eligibility. Question: Does your institution calculate R2T4 on every withdraw or less than half-time student? Champions of Financial Aid - 2017 ILASFAA Conference

Champions of Financial Aid - 2017 ILASFAA Conference Components of R2T4 Funds Received from Title IV Programs Percentage of Title IV Financial Aid Earned Amount of Title IV Aid Earned by the Student Amount of Unused Title IV Aid Amount of Title IV Aid to be Returned Champions of Financial Aid - 2017 ILASFAA Conference

Calculating Attendance Academic Calendar Provides Number of Days in Each Semester Official Withdraw Date Determines Number of Days Student was in Attendance Breaks or College Closures longer than 5 calendar days do not count towards number of days in the semester Champions of Financial Aid - 2017 ILASFAA Conference

Calculating Percentage of Aid Earned Take the calculated percentage of attendance and multiply it by the total amount of Title IV Aid received by the student. Subtract the amount of aid earned by the student from the total amount of Title IV aid awarded. Champions of Financial Aid - 2017 ILASFAA Conference

Calculating Amount of Aid to be Returned Total of Institutional Charges Percentage of Unearned Title IV Aid Amount of Unearned Charges Lesser Amount of Title IV Aid Unearned or Unearned Charges to be Returned Champions of Financial Aid - 2017 ILASFAA Conference

Which Title IV Program to Return Based on a student award package Reverse packaging ideology: Unsub Loans Sub Loans PLUS Loans Pell Grant ACG SMART FSEOG TEACH Grant Iraq/Afghanistan Service Grant Champions of Financial Aid - 2017 ILASFAA Conference

Champions of Financial Aid - 2017 ILASFAA Conference Documenting R2T4 Automated Hand Calculation Summary of Actions Student Records Narrative Explaining Process Champions of Financial Aid - 2017 ILASFAA Conference

Champions of Financial Aid - 2017 ILASFAA Conference Questions Tim Marten St. John’s College of Nursing 729 E. Carpenter St. Springfield, IL 62702 (217) 814-4705 Timothy.marten@stjohnscollegespringfield.edu Champions of Financial Aid - 2017 ILASFAA Conference