This week on "Off the Cuff," David Tolman and Maria are joined by Tonya and David Downing for a discussion on the new Return of Title IV funds (R2T4) regulations, which will become effective this July. The team walks listeners through the five areas that will be impacted by new R2T4 regulations and details what these new regulations entail. From there, the team walks through different student scenarios that schools may have questions on – including a math lesson from Tonya on how to do R2T4 calculations. The team wraps up the discussion by highlighting several NASFAA resources schools can use to learn more about this topic. 

Speakers

David Tolman Instructional Design & Content Specialist	Tonya Hsiung NASFAA U Program Manager	David Downing NASFAA U Instructor	Maria Carrasco Reporter

This episode of Off The Cuff is brought to you by the NASFAA 2026 Virtual Summit.

The NASFAA 2026 Virtual Summit, exclusive to NASFAA members, will take place July 13-16. We have streamlined the programming to bring you the most up-to-date and important information on student financial aid. For a one-time registration fee of only $350, everyone on your NASFAA roster can participate in this cost-effective, online learning opportunity - either live or on-demand. NASFAA Members: learn more and register today at nasfaa.org/virtual.

Resources

• Listen on Apple Podcasts, Spotify, or YouTube
• Episode Transcript (PDF)
• January 3, 2025, Federal Register
• Electronic Announcement (GENERAL-26-20): Implementation of Return of Title IV funds (R2T4) Regulations Effective July 2, 2026
• On Demand NASFAA Webinar: Return of Title IV Funds: New Regulations Effective July 1, 2026
• NASFAA U Online Courses

AskRegs Q&As:

• Can We Apply the Full Refund Withdrawal Exemption On a Case-By-Case Basis?
• What Institutional Charges Need To Be Included In a Return Of Title IV Funds Calculation?
• Can a School Retroactively Decide To Treat a Student As Having Never Attended and Undo a Previously Processed R2T4?
• How Do We Determine the Number Of Days In a Payment Period With Modules?

Send your thoughts, questions, and comments. We'd love to hear what you think.