The Texarkana College Financial Aid office will perform a Return of Title IV (R2T4) funds calculation for any student who is withdrawn and has received Title IV aid. A student is considered to be “withdrawn” if they receive a grade of W, F, or a combination of both, for all enrolled courses in a specific term. Students who receive a grade of F in all courses with a last date of attendance prior to the last scheduled date of the term are considered withdrawn. If the last date of attendance for a failed course is the same as the last date of the course, the student has earned the F, meaning they are not considered to be withdrawn, but failed to meet the course objectives of the course. All R2T4 calculations will be documented and stored the Financial Aid shared network drive.
Texarkana College follows the guidelines of the Federal Refund policy for a student who has received Federal financial aid funds (other than Federal Work-Study) and who has withdrawn on or after the first day of class. A portion of the student’s award may need to be returned to the Title IV programs and/or the student may need to repay a portion of the award funds received. Return of unearned aid must be distributed according to a specific order of priority mandated in the law and regulations.
If a student receiving Federal Title IV Aid withdraws after completing 60% of the semester, the student is considered to have earned 100% of the Title IV Aid and therefore no funds are returned. A calculation will still be performed to determine if the student is eligible for a post-withdrawal disbursement.
The repayment to the various programs will be in the following priority:
- Unsubsidized Loans
- Subsidized Loans
- Pell Grant
- Federal Supplemental Educational Opportunity Grants
- Other Title IV programs, institutional funds, outside agency funds, and student funds
R2T4 Calculations are to be performed by the Financial Aid office once notification has been given that the student has totally withdrawn. Texarkana College will return any funds required by the R2T4 calculation to the Department of Education via the Common Origination and Disbursement System within 45 days of the date that the college determined that the student withdrew.
The withdrawal date is defined as the “Date of school’s determination that the student withdrew”.
Copies of the refund calculation are available upon request in the Financial Aid Office.
Texarkana College is an institution required to take attendance, and therefore adhere to the guidelines specific to attendance taking schools in the federal regulations.
Texarkana College does not accept late responses in regard to post-withdrawal disbursements.
Texarkana College notifies all R2T4 students if a return has been made by email. The email includes their last date of attendance, withdrawal date, and the funds and amount(s) of the return.
Return to Title IV calculations include the following documentation at Texarkana College:
- Return to Title IV calculation worksheet
- Student’s withdrawal verification report demonstrating the students last date of attendance and withdrawal dates for each course. As well, as start and end dates for each course in which the student was enrolled.
- Completed days, a pdf of a timeanddate.com calculation of total days completed by the student.
- Percentage completed, a excel spreadsheet which calculates the percentage the student completed out of the total number of days. This document will account for any scheduled breaks within the semester.
- Financial aid master screen which shows the number of financial aid eligible hours the student was enrolled in.
- Financial aid awarded screen which shows the amount of financial aid packaged and disbursed to the student.
- Account record, an excel spreadsheet of the students account listing all tuition and fee charges, and any other transactions on the students account, used to sum the amount of tuition, fees, bookstore charges, and other charges, to be used in the R2T4 calculation.
- Statement of account, a print-out showing the same information as the account record that is summed by another financial aid employee to ensure the totals match the account record.
- Common Origination and Disbursement system (COD) screens showing the amount of funds returned for each fund type, and the date it was returned to demonstrate the funds were returned within 45 days of the student’s withdrawal date (date of determination that the student withdrew).
- Any other documentation deemed necessary by the financial aid administrator performing the calculation to include in the student’s electronic file.