1. 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
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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?
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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
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4. 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
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5. 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.
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6. 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
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7. 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
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Documenting R2T4
Automated
Hand Calculation
Summary of Actions
Student Records
Narrative Explaining Process
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Questions
Tim Marten St. John’s College of Nursing 729 E. Carpenter St. Springfield, IL (217)
Champions of Financial Aid ILASFAA Conference