Return of Title IV Funds Task Force: Report to the NASFAA Board
With the overall goal to simplify the Return of Title IV (R2T4) funds calculations and process for withdrawing students, the NASFAA R2T4 Task Force was convened in late 2014 to:
- Further develop, clarify, and amplify the Reauthorization Task Force’s (RTF) broad proposal approved by the NASFAA board and
- Formulate a treatment of nontraditional program formats, including modules
After reviewing the recommendations from the RTF and conducting an small analysis of the task force members’ own schools, the task force concluded that the current Return of Title IV laws and regulations have run their course. They found that “the reality is that Return of Title IV is most confusing and damaging to the very students financial aid is designed to help,” and added “it is time to revisit the law and find a better way to attend to the needs of students who completely withdraw, in a way that is fair to all financial aid recipients."
Ultimately the task force settled on asking the Board to consider three alternative approaches to R2T4 reform:
- Eliminate the Return of Title IV funds requirement altogether;
- Wipe the R2T4 slate clean and start over to devise a new set of rules, or
- Fix the current process pending the elimination or refurbishment of R2T4.
NASFAA will use this work to continue reauthorization-related discussions on R2T4.
Publication Date: 9/3/2015
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