People were excited to get their stimulus payments following the passing of the CARES Act. However, what many people do not realize is that this government legislation also provides cash assistance for college students who have experienced loss due to the COVID-19 pandemic. Here are a few details that may help you get your share of the free money for college that is available.
- The CARES Act established a $14.25 billion dollar fund for universities and colleges.
- The funds in the Higher Education Emergency Relief Fund are distributed to universities based on the number of Pell grant students attending.
- Colleges and universities that benefited from this fund are required by law to give half of the money to students experiencing loss due to the COVID-19 pandemic.
- Only students who are US citizens are eligible to receive relief under this fund.
- You must report expenses that were caused by the disruptions to your semester to your school in order to prove that you are eligible for a grant.
- If you were already only taking online classes prior to the pandemic, you are not eligible for relief.
- Grants received through this fund do not need to be repaid! – They are also not taxed. The IRS clearly states that you do not have to report these grants as income.
Find Out More from College Planning Source
College Planning Source wants to help you take advantage of all the free money for college that is available to students and families. Call us today at 858.676.0700 or submit the online contact form to schedule an online assessment using video conferencing.
