Finding Text
Federal Program Information: Student Financial Assistance Cluster (Various ALN #?s) Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): Special Tests and Provisions ? Return of Title IV Funds: When a recipient of a Title IV grant or loan assistance withdraws from an institution during a payment period or period of enrollment in which the recipient began attendance, the institution must determine the amount of Title IV aid earned by the student as of the student?s withdrawal date. If the total amount of Title IV assistance earned by the student is less than the amount that was disbursed to the student or on his or her behalf as of the date of the institution?s determination that the student withdrew, the difference must be returned to the Title IV programs as outlined in this section and no additional disbursements may be made to the student for the payment period or period of enrollment. (34 CFR 668.22(a)(1) through (a)(5)). Once a student?s withdrawal date is determined the institution needs to calculate the percentage of the payment period or period of enrollment completed. The percentage of payment period or period of enrollment completed represents the percentage of aid earned by the student. Condition: Instance was identified where incorrect unearned amount was returned to the COD. Cause: Lack of administrative oversight with respect to Return of Title IV (?R2T4?) calculation. Effect: Error in Title IV funds returned to the COD. Questioned Costs: Amount below reportable threshold. Context: For 1 of 2 students selected for testing, the College did not return the correct amount to COD. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the College utilize R2T4 worksheets and complete timely review of R2T4 calculations. Views of Responsible Officials and Planned Corrective Actions: As of September 2022, the Office of Financial Aid began utilizing the R2T4 Worksheet found on COD. This more clearly and specifically states the net total that should be returned.