TR2T4 is one of the most common audit findings. Department suggests schools use their free software. Schools can use the reports to manage the R2T4 process and assure compliance.

Included in the R2T4 software is a Compliance Self-Monitoring component. Schools can use Compliance Self-Monitoring to track all aspects of the process. For example, you can track the date a student was notified to return funds, monitor students awarding notification, track funds returned by the school, monitor funds awaiting return, etc.

The difference between an official SAR/ISIR and a valid SAR/ISIR when it comes to a Late Disbursement: an “official” SAR/ISIR is one of which there are enough data elements (but not necessarily “correct” data) for an EFC to be calculated. A “valid” SAR/ISIR is one in which all data elements are correct. In order for a fund to be late disbursed, the school must have and ED processed SAR/ISIR with an official (not necessarily valid) EFC.