Financial Aid Services (FAS) partners with colleges to manage the requirements for returning federal funds to the U.S. Department of Education (Return of Title IV Funds – R2T4). The FAS approach combines consulting and back-office processing support. This offers colleges a complete solution for managing R2T4 for students receiving financial aid who withdraw from classes. Our consultants evaluate current policies, offer guidance, and assist with correcting previous errors. Our Processing Services team works with campus leaders to design integrated methods, to create process adherence, consistency of delivery and standardization to ensure timely processing and compliance with federal regulations.
- Regulatory and policy guidance
- Expertise in all types of academic calendars
- Keen insights into the Program Integrity rules
- Review of prior year calculations with a confidential report
- Recommendations for student communication
- Advice for best practices to ensure ongoing compliance
- Identify official/unofficial withdrawals
- Determine completion percentage
- Available for use with widely-used automated systems or via FAA-Access
- Offered for all types of academic calendars
- Full audit trail of all action taken
- Required notifications sent to key departments; disclosures sent to students
- Quality assurance measures to crosscheck calculations
Partnering with FAS to manage R2T4 gives clients the peace of mind that comes with knowing the return of federal funds will be processed accurately and returned in a timely manner.