DeVos Releases $6.28 Billion in Emergency Student Aid
Last week, Secretary of Education Betsy DeVos released
$6 billion in emergency student assistance to colleges and universities
and called on schools to quickly distribute
the aid to students. To secure the
funding, colleges and universities will be required to submit certificates
of agreement to the Department of Education (ED), agreeing to distribute
the funds in accordance with the law. The agreement gives the colleges and universities
significant flexibility in how they choose to distribute the student aid as long
as it covers expenses related to campus closures, such as food, housing, technology or health care.
The Higher Education Emergency Relief Fund authorized in
the Coronavirus Aid, Relief and Economic Security (CARES) Act provides $14 billion
in funding to colleges and universities, of which $6.28 billion must be used for
direct student aid. The funding is intended to address the costs incurred by colleges
and universities because of their closures due to the COVID-19 pandemic, and to
assist students in meeting additional expenses caused by their schools’ closures.
Colleges and universities will receive their share of the
funding, along with funding guidance, in the coming weeks, though DeVos declined
to provide a specific date. Funding will be allocated
via a formula set out in the CARES Act.