As UNCG, the UNC System, and state and federal lawmakers continue to seek ways to provide urgently needed financial relief to students in the face of the COVID-19 pandemic, the US Department of Education has now begun releasing the first wave of Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. In coordination with the UNC System, UNCG is assessing the best mechanisms to deliver these funds to students.
The CARES Act provides $12.56 billion to higher education institutions using a formula based on student enrollment. We expect UNC System institutions to receive a combined amount of approximately $179 million.
UNCG’s allocation is expected to total approximately $18.6 million, of which $9.3 million is specifically reserved to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to the coronavirus. Eligible expenses may include but are not limited to food, housing, course materials, technology, health care, and childcare related to a student’s college attendance. The remaining 50% will be utilized to partially offset the more than $22 million in expenses and lost revenues associated with the university’s response to COVID-19 and related, on-going operational impacts.
UNCG is working closely with UNC System leadership to develop and implement guidelines to meet the federal requirements for the disbursement of student grants. We will provide details as these processes become clarified and finalized.
The passage of the CARES Act and UNCG’s allocation is significant and meaningful in our effort to support students and their families, and help our Spartan community navigate these extraordinary challenges. We are grateful to our congressional leaders and the advocates in this process. These funds will certainly help, but there are other significant financial and operational impacts ahead for UNCG and all universities in our System and nationwide.
We will continue to provide additional information and updates as we have them.