Publication Date: June 30, 2006 Author: G. Kay Jacks, General Manager, FSA Application, School Eligibility and Delivery Services Summary: HERA Operational Implementation Guidance - Return to Title IV Funds worksheets Posted on 06-30-2006 Return to Title IV Funds Worksheets On May 19, 2006, Federal Student Aid posted an electronic announcement to our IFAP web site that provided information on the changes required to the Return to Title IV Funds (R2T4) software and worksheets, as a result of the Higher Education Reconciliation Act of 2005 (the HERA). That announcement also noted that the PC version of the R2T4 software was archived on June 1, 2006 and cannot be used to perform R2T4 calculations for withdrawals that occur on or after July 1, 2006. This announcement alerts the community to the availability of revised R2T4 paper worksheets, which are included as an attachment to this announcement. As in the past, there is one set of worksheets for students who withdraw from Credit-Hour Programs and another set of worksheets for students who withdraw from Clock-Hour Programs. We are also including a revised format for referring student overpayments due to withdrawal to the Department (Borrower Services). These HERA modified worksheets should only be used for students who withdraw from a period on or after July 1, 2006. The R2T4 worksheets have been revised to accommodate the following HERA changes:
As indicated in the May 19 announcement, a HERA conforming version of the R2T4 web product will be available in early August. The Department has not yet issued regulations to implement the provisions of the Higher Education Reconciliation Act of 2005. Program participants, including institutions, lenders, and guarantee agencies, should implement the provisions of the Act in accordance with subregulatory guidance provided by the Department in Dear Colleague Letters and other materials until the regulations are published and effective. In general, the regulations will be effective 30 days after they are published in the Federal Register. Attachments/Enclosures: |