Federal CARES Act Reporting Disclosure - October 31, 2020
Federal CARES Act Reporting Disclosure
The following is Virginia State University’s Required Quarterly Reporting for Funds Received under Section 18004(a)(1) of the CARES Act for the Quarter Ending September 30, 2020.
Virginia State University signed the Funding and Certification Agreement for the Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Security (CARES) Act on April 11, 2020. It was returned to the U.S. Department of Education on April 16, 2020. Virginia State University used no less than 50% of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
Virginia State University received $3,427,905 from the U.S. Department of Education for Emergency Financial Aid Grants. As of September 30, 2020 Virginia State University has awarded 3,623 students; 380 of these students received additional emergency grant funds. All of Virginia State University CARES funds have been awarded at this time.
Virginia State University estimates that it had up to 3,625 Title IV eligible undergraduate, graduate, and professional students enrolled for the spring 2020 semester. This estimate is based on the number of potential valid FAFSAs filed by Virginia State University students and their families.
Virginia State University used the following approach to award the Federal CARES Act funds: (1) Students were automatically selected and awarded 90% of the funds (2) Pell eligible students enrolled in spring 2020 received $995 in emergency aid. Other Title IV students received $565. (Please note: the Federal Pell Grant is usually awarded to undergraduates who have a high degree of unmet financial need. This is determined through the FAFSA application, in which the U.S. Department of Education examines the income and assets of the student and their family.) The remaining 10% of the student funds were distributed to students for emergencies via an application process. The University began accepting additional emergency applications on June 1, 2020. Click Here PDF download to view the Application. Students were communicated about the Federal CARES Act funds via email, website and other VSU social media.
CARES Act Institutional Funding
Virginia State University received $3,427,905 and $9,803,132 in Institutional support funds through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Virginia State University used a portion of these funds to offset the cost of providing refunds to students for spring 2020 housing and meal plans. Click here PDF download to view VSU’s report on these funds as required by the Department of Education.