Page 38 - 2019-2020 Academic Catalog - Providence Christian College
P. 38
returned. Funds will be returned to the Dept. of Education within 45 days and all reporting to NSLDS will be done within 30 days.
EXAMPLE OF A FEDERAL R2T4 CALCULATION
A student withdraws on the 48th day of class of a 114 day semester. The total institutional charges (tuition, fees, housing, meals, etc.) equals $6602 (48 days charged). The student was awarded and received the following federal aid:
Pell Grant $3048
FSEOG $175
Sub Loan $1732
Unsub Loan $2969
Total Federal aid awarded $7924
Per the R2T4 policy, the student “earned” 48/114 or 42.10% (48 days completed of 114 days of
the semester) of the federal financial aid, $3336 requiring the remainder of the “unearned” aid, $4588 to be returned to the federal aid programs. Under the policy, $1619 would be returned to the Sub Direct loan program and $2969 to the Unsub Direct loan program.
Return of Unearned Federal Aid
Once the school has completed an R2T4 calculation, any unearned aid must be returned to the federal government and the student will owe the funds back to Providence Christian College. Funds will be returned in the following order:
1. Federal Unsubsidized Direct Stafford Loan
2. Federal Subsidized Direct Stafford Loan
3. Federal Direct Parent Loan for Undergraduate students (PLUS)
4. Federal Pell Grant
5. Federal Supplemental Educational Opportunity Grant (FSEOG)
6. Cal Grant Funds
Pre-Census Withdrawal
If the student withdraws after the first day of class, but before census date of the course(s) enrolled during the payment period, the student will have the option to accept or decline any Title IV funds. The student will be given 14 days from the time notified of the R2T4 calculation in order to accept or decline the Title IV funds. If the student does not acknowledge their decision in writing, the Title IV funds will be posted to the student’s account towards any balance owed and the following will take place:
1. The “earned” Title IV funds will be posted to the student’s account;
2. Student will be placed on automatic suspension;
3. Student will be reported to the U.S. Department of Education via the National Student Loan
Data System (NSLDS) as an overpayment for resolution of the debt;
4. A hold will be placed on all Providence Christian College records until the debt is resolved;
5. Students will not be eligible for Title IV funds at any institution until the overpayment is
resolved.
If the student decides to decline the Title IV funds in writing, the following will take place:
1. All Title IV funds will be removed from the student’s account; 36
