Return to Title IV Refund Policy and Procedures

Policy Purpose

As a part of the Higher Education Amendments of 1998, Congress passed provisions governing what must happen to federal assistance if a student completely withdraws from school in any term.   A student begins earning Title IV funds on his or her first day of attendance. Therefore, even if a student withdraws before a school’s census date, the school must perform a Return calculation using the number of days the student attended the institution, minus any scheduled breaks greater than five days.  This process is known as an R2T4 Calculation.

Applies To

All federal grant and loan programs including the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Perkins Loan, Federal Direct Subsidized and Unsubsidized Loans, and the Federal PLUS Loans, Federal TEACH Grant programs and Iraq and Afghanistan Services Grant.

Policy Statement

The official withdrawal date is the date the student signed the Official University Withdrawal Form.  The Financial Aid Office will use this date for all students that officially withdraw from Fisk, in determining the percentage of the pay period the student completed.  For Unofficial withdrawals, the Financial Aid Office will use the 50% mark, or the last date of attendance at an academically related event (whichever is later).  The R2T4 calculation will be completed within 30 days of the official withdrawal date, or 30 days from the notification of the unofficial withdrawal.  The Office of Financial Aid uses the Return of Title IV worksheet on FAA Access to CPS website to determine the required repayment from the institution and/or student.  Any unearned funds will be returned to the Department of Education within 45 days of notification of official or unofficial withdrawals.

No Shows

  • Instructors will confirm the accuracy of their class roster.
  • Instructors will let the Registrar’s Office know if there are students on the roster that have never attended a class.  This is done by placing an “A” for absent on the electronic class roster for three class days. The Registrar’s Office will run a report, by census that will show any students that fit into this category. 
  • The Registrar will cancel the student’s registration from the class.  The Registrar will then code them with a NA (Never Attended) status. 
  • The Financial Aid Office will then run a report that they will use to reverse any funds that the student received for any NA statuses.

Official Withdrawals

  • The student picks up the Official University Withdrawal Form from the Registrar’s Office.
  • The student makes their rounds to the required offices for sign off.
  • The Financial Aid Office instructs the student to complete Exit Counseling online.  Once complete the FA office signs off of the form.
  • R2T4 calculation is performed in CPS on FAA Access.
  • The Financial Aid Office makes the award adjustments in CAMs based on the R2T4 worksheet.
  • The Financial Aid Office then runs the transmittal process with the Business Office to pull back funds.
  • Business Office then returns the required funds back to G5.
  • A copy of the R2T4 worksheet is placed in the student’s file.

Unofficial Withdrawals

  • At the end of the semester, the Financial Aid Office will run a report of all students that earned a 0.00.  If they earned this GPA because they have a combination of W,I, or E(Failed) grades, they will show up on this report.    
  • The Financial Aid Office will run the R2T4 calculation through FAA Access at 50% or the LDA whichever is later.
  • The Financial Aid Office makes the award adjustments in CAMS based on the R2T4 worksheet.
  • The Financial Aid Office then runs the transmittal process with the Business Office to pull back funds.
  • Business Office then returns the required funds back to G5.
  • A copy of the R2T4 worksheet is placed in the student’s file.