[Oasfaa] Pro Rata Refund Calculation

[Mc Conahay, Pamela K.]

Daniel,
 
Pro-Rata Refunds were eliminated in the 1998 reauthorization of the
Higher Education Act.  You should use the Return of Title IV Funds
process as detailed in Volume 5 of the 2007-2008 Federal Student Aid
Handbook, available at 
http://www.ifap.ed.gov/IFAPWebApp/currentSFAHandbooksYearPag.jsp?p1=2007
-2008&p2=c 
 
Pam McConahay 
Assoc. Dir., Compliance, Training & Lender Relations 
University of Oklahoma Financial Aid Services 
1000 Asp Avenue, Room 216 Norman OK 73019-4078
(405) 325-4617  Fax (405) 325-7608 
pmcconahay at ou.edu 

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________________________________

From: oasfaa-bounces at lists.onenet.net
[mailto:oasfaa-bounces at lists.onenet.net] On Behalf Of Daniel Watkins
Sent: Friday, August 31, 2007 10:26 AM
To: oasfaa at lists.onenet.net
Subject: [Oasfaa] Pro Rata Refund Calculation


As I have not run across this situation in my time as a financial aid
officer, I am calling on my knowledgeable colleagues! We have a
first-time freshman that decided to completely withdraw during the first
week of the semester. This student had not turned in the necessary
verification documentation, so no FSA funds were disbursed. I was told
there is a DOE regulation that says the school cannot charge over a
certain percentage for a first-time freshman that withdraws. The term I
was given is "pro rata", but the only thing I can find is a document on
the IFAP website from 96-97. From what I have found, this regulation has
been done away with, but I wanted to run it by you all to see if you
have any other information. Thank you for any help! 

-- 
Daniel Watkins
Financial Aid Director
Southwestern Christian University

e-mail: daniel.watkins at swcu.edu
voice: (405) 789-7661 x3456

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