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CARES Adjustment Funding Explanation: September 30, 2020

CARES Act Quarterly Report 9/30/20

  1. Ursinus College signed and returned to the Department the Certification and Agreement on April 10, 2020. Ursinus College has used 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.
  2. Ursinus College received $574,647 on April 24, 2020 from the Department pursuant to the institution’s Certification and Agreement for Emergency Financial Aid Grants to Students.
  3. The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of September 30, 2020 is $884,875.
  4. 1,192 students enrolled in the Spring 2020 semester were 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 under Section 18004(a)(1) of the CARES Act.
  5. As of September 30, 2020, 1,307 students have received an Emergency Financial Aid Grants under Section 18004(a)(1) of the CARES Act.
  6. Methodology for awarding financial aid grants to students was based upon the CARES Act funding allotment Ursinus College received and the number of eligible students (1,187), we used current 2019-2020 financial needs levels as determined by Expected Family Contribution amounts (EFC). With that information we developed a matrix to award the CARES Act funds.

    Using the tiered approach, eligible students with the most financial need received the greatest funding. The eligible undergraduate student amounts ranged from $400 - $1,000. The amounts for eligible graduating seniors were reduced due to educational expenses for seniors differing substantially in the coming year from underclass students. These amounts ranged from $300 - $750.
  7. Eligible students will be notified of fund availability via a mailed Cares Adjustment Letters that were sent to students at their home address based on eligibility.