CARES ACT FUNDS: EMERGENCY STUDENT FINANCIAL AID GRANTS

During the pandemic, the University was awarded Emergency Financial Aid Grants for students from two areas: The Coronavirus Aid, Relief and Economic Security (CARES) ACT I and II; and the American Rescue Plan ACT (ARP A).

Below is a breakdown of all of the awards that have been received for ASU students and the record of disbursements:

CARES ACT I

• Award amount: $3,142,232.00
• Awarded June 30, 2021
• Eligible recipients: Students who were enrolled in on-campus classes as of March 13, 2020 with a FAFSA on file, as well as students who did not file a FAFSA but had completed the “ASU Cares Program for Students.”
• Disbursement Amount: $3,072,214.32
• Balance: Once all students that were identified as exceptional need students, an additional $70,017.60 was disbursed to the remaining students.
• Total disbursed from CARES I: $3,142,231.92

CARES ACT II:

• Award amount: $3,142,232.00
• Awarded June 22, 2021
• Eligible recipients: Students who were enrolled in on-campus classes as of February 26, 2021 with a FAFSA on file, as well as students who did not file a FAFSA but had completed the “ASU Cares Program for Students.”
• Disbursement Amount: $3,008,934.75
• Balance: An additional $134,263.70 was disbursed to students attending Summer Semester 2021.
• Total disbursed from CARES II: $3,142,232.00.

AMERICAN RESCUE PLAN ACT (ARP A)

• Award amount: $9,490,815.00
• Eligible recipients: The total eligible population in Quarter 4 (October 2021-December 2021) was 3,165
• Disbursement Amount: As of December 31, 2021, $7,486,744.80 in American Rescue Plan HEERF funds were disbursed to eligible students.
• Balance: On March 28, 2022 the remaining $2,024,070.20 was distributed to eligible students.
• Total disbursed from ARP A : $9,490,815.00.

The University has at every point followed a protocol of disbursing these Emergency Financial Aid Grants equally among the number of eligible students based on the total amount awarded to the University for student aid. Eligibility was based on criteria contained in the federal programs.

Note: All of the Emergency Financial Aid Student Grant funds have been subject to federal audits.

Additional allocations to students from the University funds (not federal funds) as directed by President Quinton T. Ross, Jr.:

• The University reimbursed residential students $974,360.56 for room and board expenses as a result of not returning to campus in March 2020.
• In addition, the University provided $3,629,226.47 of University funds to aid students with financial challenges from Spring, Summer and Fall 2020 and Spring and Summer 2021 semesters.