| PublicationDate: 1/4/2000 Summary: Return of Aid Worksheets Available Author: SAIS - Student Aid Information Service crwrksht.doc.pdf  clwrksht.doc.pdf Posted on January 4, 2000 Return of Aid Worksheets Available We are pleased to announce the availability of worksheets to assist institutions in their implementation of the "new" requirements for the treatment of Title IV funds when a student withdraws. These new requirements were added to the law by the Higher Education Amendments of 1998 (Public Law 105-244) and are found in section 484B of the Higher Education Act of 1965, as amended, and in the implementing final regulations published on November 1, 1999 (64 FR 59016). There is one worksheet for students who withdraw from credit-hour programs, and one for students who withdraw from clock hour programs. We developed the worksheets with the assistance of a review group from the financial aid community who tested and provided feedback on the Department's drafts. Institutions are not required to implement the new requirements until October 7, 2000. However, an institution may choose to implement the new requirements earlier. For more information on early implementation, see the November 1, 1999 final regulations. These worksheets are to be used in conjunction with the requirements and guidance of the November 1, 1999 final regulations (including the preamble). The final regulations provide the necessary definition of terms and explanations of the information that an institution is to use for the calculation. Examples of the use of the worksheet will be included in upcoming Department training materials and in the Student Financial Aid Handbook. We are also in the process of developing software that an institution may use to determine the treatment of Title IV funds when a student withdraws. We expect the software to be available in the Spring of 2000. The use of these worksheets is optional. Institutions are not required to use the worksheets for the determination of the treatment of Title IV funds when as student withdraws. However, even if an institution chooses not to use the worksheets, we recommend that all institutions review them to better understand how the calculation works. We hope you find this information helpful. If you have any questions, you may contact Wendy Macias at (202) 708-8242. Credit-Hour Programs Worksheet File Size: 155KB; Number of Pages: 3 Requires 4.0 or greater of the free Adobe Acrobat Reader software. Clock Hour Programs Worksheet File Size: 169KB; Number of Pages: 3 Requires 4.0 or greater of the free Adobe Acrobat Reader software. |