Are there specific rounding rules a school must follow when calculating a return of Title IV funds?
Monetary amounts are to be reported in dollars and cents using standard rounding rules to round to the nearest penny. Final repayment amounts that the school and student are each responsible for returning may be rounded to the nearest dollar. Percentages are calculated to four decimal places and then rounded to three decimal places. The third decimal place is rounded up if the fourth decimal place is 5 or above. For example, .4486 would be rounded to .449, or 44.9%. The one exception to this rule occurs in determining the percentage of Title IV program assistance earned. Students who withdraw at any point after the 60% point in the payment period or period of enrollment have earned 100% of their Title IV funds. If the standard rounding rules were used in this situation, a quotient of .6001 through .6004, which is greater than 60%, would be rounded down to .600 (60%). Therefore, to recognize that students completing more than 60% of the period (by any amount) earn 100% of their Title IV
Related Questions
- Is a return of Title IV funds calculation required for a student who drops to less than half time enrollment status during a payment period but does not withdraw?
- When may the school round dollar amounts used in the return of Title IV funds to the nearest whole dollar?
- Are there specific rounding rules a school must follow when calculating a return of Title IV funds?
