CARES Act Student Funding
The Coronavirus Assistance, Relief, and Economic Security (CARES) Act was approved by Congress and includes support for higher education, including emergency grants for students facing expenses due to COVID-19. The University of New 51¶ºÄÌ is set to receive approximately $ 4.6 million, of which $ 2.3 million is designated for emergency grants that will be awarded directly to students. The remaining funds are designated for use by the institution to cover unexpected expenses.
The U.S. Department of Education recently issued guidance on distribution of these emergency grants to students, requiring that all recipients be Title IV eligible. This means that students must have submitted a Free Application for Federal Student Aid (FAFSA) to the University of New 51¶ºÄÌ and also meet the U.S. Department of Education’s federal guidelines to be eligible.
CARES Act funding must be used for expenses related to the disruption of campus operations due to coronavirus. Eligible expenses include food, housing, course materials, technology, health care, and/or child care. The grants may not fully cover the expenses a student has incurred due to the disruption.
The University used the schedule below for distribution of funds, based on each student’s Expected Family Contribution (EFC) as a result of their FAFSA. The University selected this tiered approach to provide more substantial award amounts to students and families who are most in need, while also providing emergency grants to those students with higher EFCs.
| Expected Family Contribution (EFC) | Award Value Per Full-Time Student |
|---|---|
| $0 - $999 | $1,750 |
| $1,000 - $2,499 | $1,400 |
| $2,500 - $3,499 | $1,200 |
| $3,500 - $5,563 | $1,000 |
| $5,564 - $9,999 | $500 |
| Graduate Students | $400 |
CARES Act funds will be processed through ePay and be refunded through the Bursar’s Office. Students who are signed up for direct deposit in ePay will automatically receive their funds in that manner. Students who are not signed up for direct deposit, and elect not to sign up, will automatically have a check mailed to their home address. Please ensure your home address is accurate in Banner. The funds will be passed through Banner and will not be applied to or used to offset any charge, debt, tuition, fees, or other balance in a student’s account.
For students enrolled in direct deposit, they will have access to the funds in approximately three business days from the date of disbursement. For those not enrolled in direct deposit, a check will be mailed to their home address.
In order to qualify for CARES Act funding, a student must have an EFC as outlined in the chart above and must meet the following criteria:
- The University of New 51¶ºÄÌ has received a valid 2019-2020 FAFSA as of May 1, 2020.
- Enrolled full-time and degree seeking for spring 2020 term as of May 5, 2020.
- Not enrolled exclusively in an online program, defined as an educational program that has no residential classes over the course of the entire program.
- Meet Title IV Federal Financial Aid eligibility requirements as determined by the U.S. Department of Education.
- 51¶ºÄÌtaining the minimum requirements of Satisfactory Academic Progress.
The University has identified approximately 2,030 students who meet the above listed criteria and have a 2019-2020 EFC that qualifies them for funding in our awarding model (EFCs $0-$9,999) or are full-time graduate students who are Title IV aid eligible. In total, these students will receive approximately $2.235,950 of our designated $2.321,398 for students. Please note that of the remaining $85,448, a total of $50,000 has been earmarked to fund a program the University created to pay Title IV-eligible and non-federal work study-eligible students. The remaining funds are being used to assist students whose families experienced a serious healthcare emergency related to COVID-19.