Return To Title IV (R2T4)
The financial aid refund policy for Title IV M-DCPS postsecondary educational centers will conform to the provisions of Title 34 Part 668.22, Code of Federal Regulations (CFR). These provisions are detailed in Volume 5 Chapter 1 of the current Federal Student Aid Handbook and Chapters 5 and 6 of the Federal Student Aid Blue Book which can be accessed at http://www.ifap.ed.gov
Federal Financial Aid (Title IV funds) is awarded to a student under the assumption that the student will attend school for the entire period for which assistance is awarded.
Students who receive Title IV funds and wish to officially withdraw from school must notify the school’s registrar. The withdrawal date will be considered the students’ last day of attendance as reflected in the school’s electronic Gradebook for calculation purposes. For students who do not officially withdraw, the withdrawal date will be the last day that they attended class as recorded by their instructor in the electronic Gradebook. The Financial Aid Officer will use the Return of Title IV Funds (R2T4) calculation to determine the amount owed from the last date of attendance.
When a Return of Title IV funds is required, the school and the student may both have a responsibility for returning funds. Funds that are not the responsibility of the school to return must be returned by the student. The school can exercise the option to collect any funds that
Students who receive Title IV funds and wish to withdraw at or before 60% of the term may have to return a portion of their unearned federal financial aid. They may owe tuition, fees or a repayment of federal funds to the school.
District Title IV-eligible schools will return financial aid funds based on the R2T4 calculations determined by the Financial Aid Officers no later than 45 days after the students’ withdrawal date. The school will return the lesser amount of the aid to be returned, as compared to the institutional charges, multiplied by the percentage of unearned aid. This amount will be the difference between the amount of Title IV aid due from the school, and the amount of Title IV aid to be returned. Any federal financial aid that a student is required to repay will be returned to the Department of Education by the institution on the student’s behalf. If the student did not receive all of the financial aid funds earned and completed at least 60% of their program, they may be due to a post-withdrawal disbursement.
The Financial Aid Officer will notify the student in writing of their revised disbursement after the Return to Title IV Funds calculation is completed. If the student owes unpaid tuition and/or fees, the student will be responsible for the full payment due to the institution. Students who do not comply with payment of any tuition of fees to the school will have a financial administrative hold placed in VACS. The student will not be able to enroll in any M-DCPS institution until this obligation is satisfied.
Financial Aid officers must submit a list of withdrawn financial aid recipients with calculated R2T4 to the administrator in charge of the department on a monthly basis in order to review, and monitor the process to ensure that all funds are returned to Title IV accordingly. The Worksheets to process R2T4 can be accessed at http://www.ifap.ed.gov/qahome/fsaassessment.html. This process must be completed within 45 days after the student has been withdrawn.