CARES ACT REPORTING ON EMERGENCY FINANCIAL AID GRANTS TO STUDENTS
On March 27, 2020, the Federal government enacted the Coronavirus Aid, Relief and Economic Security Act (CARES Act), Pub L. No. 116-136, providing funds to institutions from the Higher Education Emergency Relief Fund (HEERF) to make Emergency Financial Aid Grants to Students for expenses related to the disruption of campus operations due to coronavirus, including eligible expenses under s student’s cost of attendance, such as food, course materials, technology, health care, and child care. The law requires institutions to report certain information related to the use of these funds. The following information is reported for the period, May 21, 2020 to December 31, 2020.
- This statement shall serve to acknowledge that our institution signed and returned to the US Department of Education the Certification and Agreement – Emergency Financial Aid Grants to Students. We further attest that our institution has used, and/or intends to use, no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to Students
- The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Student is $106, 580.00.
- The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of December 31, 2020, is $107,500.00.
- The estimated total number of students at our institution eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act is 86.
- The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act to date is 86.
- The following is the method used by our institution to determine which students receive Emergency Financial Aid Grants and how much each student has received/will receive under Section 18004(a)(1) of the CARES Act.
Grant Disbursement Policy
EMERGENCY FINANCIAL AID GRANT FUNDS
Under the CARES Act, Pub. L. No. 116-136
International Beauty School has applied for Emergency Financial Aid Grant Funds on behalf of its students. The funds shall be disbursed in the following manner:
- Eligible students must have completed and returned the required Request for Emergency Grant Funds form.
- An eligible student is a student that is Title IV eligible.
- The total amount of grant funds received is $106,580. A total of 70% of the funds received will be divided equally among all currently enrolled students. The remaining 30% of the funds received will be disbursed to future enrolled students affected by COVID-19.
- Once the school receives the signed Emergency Grant Funds form, the funds will be disbursed by check. The check will be mailed to the address listed on the Emergency Grant Funds form.
- Student disbursements will be tracked using the HEERF Grant template.
- A copy of the Emergency Grant Funds form will be maintained in the student financial aid file.
- A copy of the cashed check will be maintained in the student financial aid file.
- Students who have not cashed/deposited the disbursement checks within 15 calendar days will be contacted by phone to ensure the disbursement has been received.
- Upon a 30-calendar day lapse, uncashed disbursements will be subject to Stop Payment and a new disbursement will be issued once communication with the student reconfirming the mailing address has occurred.
VII. The follow instructions/directions/guidance was provided by our institution to students concerning the Emergency Financial Aid Grants.
INSTRUCTIONS FOR COMPLETION OF
REQUEST FOR EMERGENCY FINANCIAL AID GRANT FUNDS
Under the CARES Act, Pub. L. No. 116-136
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The CARES Act authorized the Higher Education Emergency Relief Fund which provides emergency funding for student and institutions impacted by the COVID-19 pandemic. On April 9, 2020 the US Secretary of Education announced that the student funding was being made available to institutions to award and disburse to students who have incurred expenses related to the disruption of campus operations due to coronavirus, including eligible expenses under the student’s Cost of Attendance, such as food, housing, course materials, technology, health care and child care.
In order for these emergency grants to be fairly and compliantly awarded, you (and all requesting students) must provide information to the institution regarding the coronavirus related expenses you have incurred. On the attached form, please provide details and amounts of any of the types of costs you may have incurred.
On the top portion of the form, it is imperative that you provide the correct address where mail from the school will reach you. This is the address to which your Grant check will be mailed.
Also, you must remember to sign and date the form.
If you have any questions, contact the school as soon as possible.