Also in this section:
Title IV Federal Refund Policy
The Federal Refund (R2T4) Policy:
A statutory schedule is used to determine the amount of federal funds a student has earned when he or she ceases attendance based on the period the student was in attendance. When a student has been determined to be a recipient of a Title IV grant or loan program withdraws from an institution during a payment period or period of enrollment in which the student began attendance, the institution must begin the Title IV Refund (R2T4) process to determine the students eligibility of Title IV funds based in accordance with the calculations prescribed by regulations.
There are several factors used to determine Title IV Refund (R2T4) calculations: Official or unofficial withdrawal date, payment period or period of enrollment, amount of aid that was disbursed, amount of aid that could have been disbursed, percent of Title IV earned, post-withdrawal or late disbursement, institutional cost, amount of Title IV aid to be returned (if applicable) and time limits and reporting requirements.
Up through the 60% point in each payment period or period of enrollment, a pro rata schedule is used to determine how much federal funds the student has earned at the time of withdrawal. After the 60% point in the payment period or period of enrollment, a student has earned 100% of the federal funds. Upon the completion of Title IV Refund (R2T4) a school is required to determine if a post-withdrawal disbursement is necessary for funds earned and not disbursed to students and/or parents. Recent regulations state that all withdrawals must undergo Title IV Refund (R2T4) if federal monies apply.
The Federal Refund Policy (R2T4) is very encompassing and this is intended to be an overview of the policies and procedures that govern regulations pertaining to Title IV Refund (R2T4). For further guidance on Title IV Refund‘s (R2T4) policies and procedures please see the reference material found in Volume 5 of the Federal Student Aid Handbook under Withdrawals. You may access a copy in the Financial Aid Office.