When may the school round dollar amounts used in the return of Title IV funds to the nearest whole dollar?
A. In Steps 6 and 8 of the USDE’s return of Title IV funds worksheet, final repayment amounts that the school and student are responsible for repaying may be rounded to the nearest dollar. In the case of a student’s grant repayment, the final repayment amount is the result after applying the 50 percent reduction. Source: Federal Student Aid Handbook, Volume 2-Institutional Eligibility and Participation, p. 2-111. Q. When returning FFEL Program funds, should the school return up to the net disbursed amount or the gross disbursed amount (including the origination fee and, if applicable, the guarantee fee, deducted from each disbursement)? A. The school should return no more than the net disbursement amount, i.e., the amount that was actually disbursed to the school from any Title IV program. The net disbursement amount for a FFEL Program loan does not include the 3 percent origination fee or, if applicable, the 1 percent guarantee fee.
