NASFAA Mention: How College Students Can Get Stimulus Cash

"College students are not eligible for the $1,200 checks that more than 100 million Americans are slated to receive. But students have another way to collect federal relief funds. A provision in the $2.2 trillion coronavirus aid package, passed last month, earmarked $12.5 billion that the federal government is sending to more than 5,000 colleges. The law requires each school to pay at least half of the money it receives directly to students in the form of “emergency financial aid grants,” Forbes writes. 

"Media coverage of the coronavirus aid package has correctly described why college students can’t collect stimulus checks. The bill awards $500 per dependent child to qualified taxpayers. But dependents aged 17-24 get zero and are not entitled to their own $1,200 checks. What’s been missing from the coverage: millions of college students who have been hit with unexpected expenses are entitled to cash grants from their schools. All students, including undergrads, graduate students and those studying toward certificates are entitled to the funds.

Some students may get more than $3,000. The only guidance schools have received about how to distribute the money came in a 500-word letter sent last week by Secretary of Education Betsy DeVos to college and university presidents. 'The program was designed with maximum flexibility,' says Justin Draeger, CEO of the National Association of Student Financial Aid Administrators. The letter suggests a cap of $6,195 per student, which is equivalent to the maximum amount of federal Pell grants for low- and moderate-income students."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 4/17/2020


Related Content

Coronavirus (COVID-19) Web Center

MORE | ADD TO FAVORITES

FSA Provides Additional Details on Annual Student Loan Acknowledgement

MORE | ADD TO FAVORITES

VIEW ALL
View Desktop Version