FREDERICK, Md., April 4, 2019 /PRNewswire/ — Regent Education today announced the release of Regent Award Version 4.7, which includes new automation for the R2T4 and Disbursement processes across all enrollment types (including terms with modules and non-term), an industry first. Simultaneously, Regent Award has been updated to support 2019-2020 student aid processing with the Department of Education.
R2T4 Automation
With this release, Regent Award now will save staff hours dedicated to R2T4 review in two ways. Clients can elect to have Regent Award automatically finalize R2T4s for students for whom Title IV awards for the R2T4 period are fully earned and fully disbursed. They also can elect to have Regent automatically close potential R2T4s as “not needed” in cases where a student had no Title IV eligibility and/or no attendance for the R2T4 period. Clients will configure a number of days for a buffer during which Regent will delay the auto-finalization to allow time for any delayed data entry or other activity that could affect the R2T4.
In addition, Regent has added a new nonterm R2T4 payment-period-length-calculation option. Clients with nonterm programs now may opt to use the non-term, denominator-length formula detailed in the 2018-2019 Federal Student Aid Handbook, which includes the treatment of cases when a student has completed no credits or other units in the R2T4 period.
Spring 2019 Regulatory Updates
As this release includes the 2019-2020 Award Year Federal Pell Grant Program Payment and Disbursement Schedules and aligns Regent Award’s support for 2019-2020 processing with COD’s spring upgrade requirements, Regent Award now supports full 2019-2020 Title IV processing.
Enhanced Disbursement Validation
Regent’s already robust disbursement validation has been enhanced to give clients the option to require a student to have begun attendance in an ongoing course or module before disbursements will be cleared. This feature should result in a significant reduction of inadvertent overpayments for students in modular programs who are subsequently identified for R2T4s.
“Growth in our automation capabilities allows clients to increase the speed and accuracy of financial aid processing. Regent’s ongoing improvement to student service leads to increased overall enrollment and retention rates for the institutions we serve,” said Ron Dinwiddie, Vice President of Product Management.