Answers to Return of Title IV Funds Sample Test

All tests will include a combination of multiple-choice and scenario-based questions. The following examples are similar in structure and scope to the questions that will appear on the test for this topic.

1. If a student who officially withdraws failed to begin attendance in all the courses he or she was scheduled to attend, then

    • the school must check whether the student was enrolled at least half-time before Direct Loan funds can be included in the R2T4.
    • the R2T4 calculation must factor in that the student failed to earn a passing grade in any class.
    • CORRECT: the school must recalculate the student’s Federal Pell Grant based on a revised enrollment status, before performing the R2T4 calculation.
    • the institutional refund must be based on a pro rata schedule and calculated within 14 days of the R2T4.

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2. A school must always return any unearned Title IV funds it is responsible for returning within __________ of the date the school determined the student withdrew.

    • 14 days
    • 30 days
    • CORRECT: 45 days
    • 180 days

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3. Which of the following funds are NOT included in an R2T4 calculation?

    • Federal Pell Grant
    • TEACH Grant
    • Parent PLUS Loan

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4. A student notifies the school on September 1 that she intends to withdraw, begins the official withdrawal process on September 15, and completes the official withdrawal process on October 1. If the school is not required to take attendance, the school determines the withdrawal date as

    • CORRECT: September 1.
    • September 15.
    • October 1.
    • the midpoint of the payment period.

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Publication Date: 2/15/2017

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