HEERF Funds from the CARES Act
May 14, 2020
On April 24, 2020, Bay State College signed and returned to the Department of Education a certification and agreement that we intend to use no less than 50% of funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
On May 2, 2020, Bay State College was informed that it's application had been accepted and that the College would receive $794,884 to disburse, half of which ($397,442) is dedicated to student grants. The College estimates that 353 students are eligible for these Emergency Student Grant Funds.
The College plans to initially disperse $317,442 to all 353 students eligible to participate in this Emergency Financial Aid Grant with a minimum award of $500 and an average award of $900. Awards were determined by the level of need. The College used a formula to determine the level of award to individual students based on a relative need calculation and consistent with federal regulations governing student eligibility for receipt. By federal regulation, only students eligible for federal Title IV need based aid are eligible for HEERF awards. A combination of federal Title IV grants and loans, along with private loans were used to determine students' relative levels of need.
As you can see, we reserved a portion of this funding to consider an additional grant to those students who might have exceptional issues and needs. A procedure to apply for additional aid will follow shortly. We hoped to get this round out quickly.