CAU Special Report - Emergency Financial Aid Grants Under the CARES Act Update
05/20/2020
Clark Atlanta University (CAU) signed and returned to the U.S. Department of Education a Certificate and Agreement to receive monies under Section 18004 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and intends to use no less than 50 percent (50%) 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 CAU received from the Department of Education pursuant to CAU’s Certification and Agreement for Emergency Financial Aid Grants to students was $3,032,175.
The estimated total number of students at CAU eligible to participate in the programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to student under Section 18004(a)(1) of the CARES Act is 3,464.
The University disbursed Emergency Financial Aid Grants to eligible Title IV Students utilizing the same distribution percentages which the U.S. Department of Education Secretary utilized in allocating funds to universities: 75% of the award to Pell grant recipients and the remaining 25% of the award to non-Pell students enrolled as of March 23, 2020. The University has established a three-tiered method of distribution based on Expected Family Contribution (EFC) as reported on the 2019-2020 Free Application for Federal Student Aid (FAFSA) as follows:
|
75% Allocation of Total Funds to Pell Students |
Allocations |
# of Students |
Student Payouts |
|
Total Pell Students |
$2,274,411 |
2,145 |
$ 0 |
|
Percentage Pell students with EFC of $0 to total Pell students = 59% |
$1,341,219 |
1,257 |
$1,067 |
|
Percentage Pell students with EFCs of $1 - $5576 to total Pell students = 41% |
$ 933,192 |
888 |
$1,051 |
|
Total Non-Pell Students and Title IV Eligible Graduate Students (Undergraduate Students with EFCs of $5577 or higher) |
$ 757,764 |
1,302 |
$ 582 |
|
Total CARES Act Dollars |
$3,032,175 |
3,447 |
$0 |
To date, CAU has disbursed $3,032,175 or 100% of its Emergency Financial Aid Grant allocation to 3,447 students as required under Section 18004(a)(1) of the CARES Act. Emergency Financial Aid Grants were issued to all eligible students via Bank Mobile (i.e., direct deposited into the personal checking account or to Bank Mobile Vibe account) based upon the refund preference selected by the students.