This assessment provides your school with an opportunity to review procedures regarding return of Title IV funds. The related links are listed throughout the assessment.

Why start with policies and procedures?

Reviewing and developing policies and procedures is a good place to begin when evaluating your financial aid operations. It is difficult to assess your compliance on an individual student level if your policies and procedures aren’t fully developed, are inaccurate or are not being consistently followed. Completing the policies and procedures prior to any other activities will help you identify additional areas to evaluate and will assist you in making the most of your compliance efforts

For return of Title IV we recommend that you start with the following activities from the policies and procedures Design Process Chart: Activity 3 (Title IV Refunds section) and Activity 10 (Payment of a refund or Return of Title IV section). In addition, you may find it helpful to select a topic related to Return of Title IV/Refund Repayments and it will provide you with a policy and procedure template. Use this template to either assist you in creating a new policy and procedure or to test those currently in place.

Schools are required to provide students with details of all refund policies applicable to the school as well as information on the Title IV program requirements for the treatment of Title IV funds when a student withdraws.

If you identify areas requiring corrective action, we recommend that you complete the Management Enhancement Worksheet.

Activity Bar:
R2T4 Activity 1: Return of Title IV Funds File Review Worksheet

Additional Links:2008-09 FSA Handbook Overawards, Overpayments & Withdrawal Calculations, Chapter 2; Return of Title IV Aid Worksheets; DCL GEN-04-03; DCL GEN-06-05; DCL GEN-06-10; Federal Register, November 2, 2007

R2T4 on the Web is accessible through the FAA Main Menu of the FAA Access to CPS Online website (http://www.fafsa.ed.gov/FOTWWebApp/faa/faa.jsp) and from the View menu in the EDExpress for Windows software.

General Return of Title IV Funds Requirements	Activity
Withdrawal Date (See Step 2 of the Return of Title IV Aid Worksheets) 668.22(b)(3), DCL-GEN-04-03
Calculation (See Steps 1 and 2 of the Return of Title IV Aid Worksheets), 34 CFR 668.22(a)(1); 2008-09 FSA Handbook, Overawards, Overpayments & Withdrawal Calculations, Chapter 2, page 5-38 through 5-40	R2T4 Activity 1: Return of Title IV Funds File Review Worksheet
Post-Withdrawal Disbursements (See Step 4 of the Return of Title IV Aid Worksheets) 34 CFR 668.22(a)(3), and 34 CFR 668.22(a)(4)
Return of Funds - See 668.22(a), 668.22(g), 668.22(i), and 668.22(j).
Grant Overpayments (Refer to appropriate steps within Return of Title IV Worksheets) 668.22(h)(4)
Policies and Procedures Chart