The system will present any R2T4 Worksheets that have already been started for the student. Find the appropriate record and click on it to view the R2T4 details at the bottom of the page.
If an R2T4 does not exist for the payment period/term that you are looking for, click on the "Add R2T4" icon to create it.
To begin the R2T4, select the Payment Period, and provide the School's Date of Determination that the student withdrew and the Date of Withdrawal. The date of withdrawal must not be a date that falls within an institutional or student break/LOA period. Click "Save." (If using '50% option' (checkbox,) 'Last Date of Academic-related Activity' must be entered. The field should also be entered if option is selected as configuration option for 'Ceased Attendance Date.')
Note: There is an option available at the top of the screen to "Block Disbursements until R2T4 is Finalized." When this is selected, the student will be blocked for all Disbursements until the R2T4 has been "Finalized" in any "result" other than "PWD" (Post Withdrawal Disbursement). If the result is a PWD, the block will remain in place until the PWD is "Finalized."
When the R2T4 is then Finalized with a result other than PWD, the student's disbursements will begin flowing again. When a user Reverses an R2T4, the system will automatically clear the checkbox (set it to un-selected).
After saving the R2T4 record, re-open the record by selecting it from the grid, and clicking the "Edit" button to view the R2T4 details.
Step 1: Student’s Title IV Aid Information
In Step 1, when performing a Pell Recalculation for R2T4, if the withdrawal date is prior to the census date, the system uses the sum of the attended program applicable and attended remedial qualified units where the withdrawal date is on or after the census date to determine the "Recalculated Pell" amount. If the Pell grant for the R2T4 period was marked as Manual, you can enter a manual "Recalculated Pell Amount" to use in the R2T4 calculation instead of the automatically calculated amount. (This is only available if the Pell is marked manual)
Title IV loans must be accepted and/or originated prior to the withdrawal date in order to be included in the R2T4 calculation. In institutional setup, you have the option to choose: COD Accepted Date (default), Award Create Date, or COD Initial Export Date as the definition for the "Date Used to Consider Loans as Originated".
In setup, a school can elect to use either date of determination or date of withdrawal to determine if any payment made to the student is classified as an inadvertent overpayment. Inadvertent overpayments are identified as disbursements made after the date chosen.
Additionally, a PWD should not be offered to the student if any of the following circumstances exist at the time of withdrawal:
- 30 Day Hold - 1st Time Borrower
- Not enrolled at least Half-Time for the Payment Period/Term
- Disbursement is a second/subsequent Disbursement within the Payment Period/Term
- Missing MPN
- No Entrance Counseling
FSEOG and Federal Perkins Loan funds must be offered prior to or on the withdrawal date in order to be included in the R2T4 calculation. The offered date for each award is displayed on the award tab in the term/payment period details.
Note: When the originated loan amount as of the R2T4 Processing Date (amount calculation date) is different than the originated loan amount as of the R2T4 Date of Withdrawal, the Step 1 Amount used is determined by COD Accepted Data and R2T4 configuration options in Institution, Campus, and Program Setup in Regent Award. Users can select to use either the 'Amount as of R2T4 Date of Withdrawal' (default) or the 'Amount as of R2T4 Processing Date' for the ‘Originated Loan Amount to Use If Amount on R2T4 Processing Date is Lower Than Amount on R2T4 Date of Withdrawal' field. Users can select to use either the 'Amount as of R2T4 Date of Withdrawal' (default) or the 'Lower of the Highest Amount Originated prior to R2T4 Date of Withdrawal and Amount Originated as of R2T4 Processing Date' for the ‘Originated Loan Amount to Use If Amount on R2T4 Processing Date is Higher Than Amount on R2T4 Date of Withdrawal’ field.
Step 1 Overrides:
Step 1 amounts are editable for users with Edit permission.
In Step 1 for term-based R2T4s with Pell, when in Edit Mode, a user will be able to edit the ‘Paid Pell’ field:
- The user is able to edit the ‘Amount Disbursed’, ‘Net Inadvertent Overpayment’, and ‘Amount that Could Have Been Disbursed’ Pell fields.
- If any one of these fields is edited, all four of them must have entries – ‘0’ is a valid entry
- Upon clicking Save or Calculate, the total of the ‘Amount Disbursed’, ‘Net Inadvertent Overpayment’, and ‘Amount that Could Have Been Disbursed’ fields will populate as the ‘Recalculated Pell Amount’.
- The total of the three fields are be subtracted from the ‘Paid Pell’ field to determine the ‘Pell to Return’ amount.
In Step 1 for all R2T4s:
- Users are able to edit the ‘Amount Disbursed’, ‘Net Inadvertent Overpayment’, and ‘Amount that Could Have Been Disbursed’ fields for all Title IV funds (except for Work Study as this is excluded from R2T4 consideration).
- If an edit is made to one field for a fund, a new amount must be entered for all three fields for the fund (four for loan fields to include the gross amount)
Users are asked to review and confirm overrides to data fields in Step 1 before saving them. Any saved edits replace the original information in their respective fields, and are indicated with an ‘M’ (manual) icon. Inclusion of ‘cents’ in amounts are allowed based on specific fund configuration. The saved override amounts are used for the remainder of the R2T4 calculations, and an Activity Log Entry records the user, date and time, and the overrides that were saved to the R2T4.
If an R2T4 was finalized with automation and overrides are desired, the R2T4 must be reversed so a new one can be completed.
Step 2: Percentage of Title IV Aid Earned
If necessary, you users can change the Date of Withdrawal, PP Start Date, Completed Days, Total Days (Scheduled PP End Date, and Break Days. If any of these fields are changed, the user should click the Calculate button.
Users may override the date fields in Step 2, as well as the number of days in a payment period) and/or the Determination Date. If you change any of these items, click on the Calculate icon.
break days. The same confirmation process and ‘M’ (manual) icons apply for these items as they do for Step 1, and an Activity Log Entry will record the user, date and time, and the overrides that were saved to the R2T4.
For Nonterm Only: The "AY End Date Override field," provides you users with the ability to update the academic year-end date that is sent to COD for the AY affected by the R2T4. If this field is left blank, then the system uses the "Calculated AY End Date" on the R2T4 wizard to determine the AY end date that will be exported to COD. If you enter the user enters an "AY End Date Override," the system will use this date as the AY end date that is exported to COD. This change supports cases when a non-term student fails a course, the PP/AY is extended to allow for the time needed for the student to repeat the units. You should update Update the end date of the R2T4 period to reflect the extension. When the period is extended in the R2T4 Wizard, a corresponding adjustment to both PP dates and AY end date match what is sent to COD.
The wizard performs the necessary calculations after selecting the Calculate button and displays the results immediately. If you select the option to use 50% is selected, leave the Date of Withdrawal blank and the system will use the Date of Determination to determine if funds were inadvertent overpayments.
Step 5: Amount of Unearned Title IV Aid Due From the School
Review the "Institutional charges for the period" and update them. The system is unaware of the student's actual institutional charges and thus uses the COA components for the initial calculation. Once you have updated the institutional charges, click on the Calculate icon at the bottom of the section to update the charges and recalculate the R2T4 amounts.
Saving and Finalizing the R2T4
Once this is done, click the save icon at the top or bottom of the wizard.
Then click on the Finalize icon to complete the process.
If you attempt to process an R2T4 worksheet when there is an unprocessed adjustment to paid disbursement(s) in the R2T4 period a warning message will be presented.
R2T4 Results
Once the student is packaged after finalizing the R2T4, the results of the R2T4 calculation are reported to COD at the time that the Export COD process is executed. The results are submitted to the institution's student A/R system at the time that the Export Student Transaction process is executed.
If the R2T4 included manual funds, the school is required to adjust the funds using the Modify Award Wizard to account for any negative adjustments resulting from the finalized R2T4. Once adjustments are made via MAW, the student will need to be packaged either by BP or MAP.