R2T4 Introduction/Discussion

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1 R2T4 Introduction/Discussion Nathan Eaton Assistant Director of Financial Aid Methodist College Peoria, IL 700 students

2 Why are we here? General overview of R2T4 Open discussion/questions 2019 ILASFAA Annual Conference 2

3 The Basics R2T4 Federal Regulations that impacts a student s eligibility for Title IV aid if a student fails to complete a full semester, clock hour program or module ILASFAA Annual Conference 3

4 Breakdown of R2T4 Student stopped attendance in all classes during payment period/period of enrollment. Received federal grant or loan funds. Only certain federal financial aid programs are subject to R2T4 (Title IV) 2019 ILASFAA Annual Conference 4

5 Key Concepts Earned aid: Disbursed or undisbursed federal funds the withdrawn student may keep. Post-Withdrawal Disbursement: Undisbursed federal funds the withdrawn student earned and could receive. Unearned aid: Disbursed federal funds for which the withdrawn student doesn t qualify ILASFAA Annual Conference 5

6 When R2T4 Requirements Don t Apply 2019 ILASFAA Annual Conference 6

7 Determining Last Date of Attendance If the school is required to take attendance, simply use the last date of attendance. If the school is not required to take attendance: Official Withdrawal: Date student begins the withdrawal process. Unofficial Withdrawal: Can choose to default to the midterm of the payment period or last date student engaged in an academically related activity ILASFAA Annual Conference 7

8 Academically Related Activity 2019 ILASFAA Annual Conference 8

9 Student Fails to Earn a Passing Grade If you do not take attendance you are required to determine if the student completed the payment period, earned the F. If student did not complete at least one course, is considered an unofficial withdrawal ILASFAA Annual Conference 9

10 R2T4 Calculation 1. Identity Title IV aid that has and has not yet disbursed. 2. Calculate the percentage earned. 3. Determine the amount earned 2019 ILASFAA Annual Conference 10

11 Calculate the percentage of Aid Earned Exclude scheduled breaks of at least 5 days or greater ILASFAA Annual Conference 11

12 Determine the Amount of Eligibility 2019 ILASFAA Annual Conference 12

13 Determine the Amount of Aid to Be Disbursed or Returned 2019 ILASFAA Annual Conference 13

14 Return of Funds by the School Federal Loan Direct Unsubsidized Direct Subsidized Federal PLUS Federal Grants Pell Grant FSEOG TEACH Grant IASG 2019 ILASFAA Annual Conference 14

15 Funds Student Returns Student is responsible for any remaining amount of unearned aid not returned by the school ILASFAA Annual Conference 15

16 Timeframe for Return of Aid Within 45 days, return unearned funds for which the schools I responsible. Borrower repays unearned loan funds under the terms of the promissory note. Within 45 days, repay unearned grant funds or establish repayment agreement with ED ILASFAA Annual Conference 16

17 Post-Withdrawal Disbursements Crediting student account May credit grant funds May not credit loan funds without borrower confirmation ILASFAA Annual Conference 17

18 Questions? 2019 ILASFAA Annual Conference 18

19 Contact Information Nathan Eaton ILASFAA Annual Conference 19

Clock Hour Programs. FASFAA Clock Hour Workshop October 25-27, R2T4 Clock Hours. Return of Title IV Funds. Topics. For discussion purposes only

Clock Hour Programs. FASFAA Clock Hour Workshop October 25-27, R2T4 Clock Hours. Return of Title IV Funds. Topics. For discussion purposes only Return of Title IV Funds Clock Hour Programs David Bartnicki 404-974-9312; david.bartnicki@ed.gov Topics Concepts and Definitions Attendance R2T4 Calculation Post-Calculation Actions R2T4 on the Web Resources/References