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$6.28 Billion Stimulus Grants For College Students [TIME SENSITIVE] - YouTube
Channel: Naam Wynn
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There are roughly 20 million students in
the United States most of these students
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were not eligible for $1200 similar
statement just due to the fact that most
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of these students were probably claimed
as dependents so if you're a college
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student or know someone who is you're
gonna want to watch this video because
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you can't be entitled to aid as much as
$3,000 or even more, this aid is supposed
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to reach as many students as possible
unless ultra wealthy Ivy league colleges
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takes it all, I'm just kidding most of
them are not accepting this money, what's
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up everyone my name is Naam so on this
channel I'll typically talk about
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personal finance so in this video I
wanted to go over to higher education
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emergency relief fund, so this fund is
already set in place this is not a
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proposal so this is real money that
college students can get with the Cares
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Act which was passed on March 29th even
though that most college students were
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neglected with the stimulus check the
cares Act they provide a $14.25
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billion higher education relief
fund for college institutions to respond
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to the Covid-19 pandemic to find
out if your school is receiving any
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money from this for relief fund check
out the link right here I also post a
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link in the description below so how
does higher education relief fund would
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work is that the colleges will have to
apply for the funding and once they
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receive that funding from the United
States Department of Education that's
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when they can start disbursing these
grants to students based on their
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financial need so whenever the school
does receive the funding they can use
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fifty percent of it on the school due to
the Covid-19 pandemic and the other fifty
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percent of funds must be distributed as
emergency financial aid to students who
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had their semester disrupted by this
pandemic the Department of Education did
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make one thing clear what this fund is
that the cash must be provided directly
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to the students they said that US aid
can be used for anything under the
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students cost such as attendance, food,
housing, course materials, technology
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health care, and childcare the fund also
stated that colleges are not allowed to
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take the students portion of the aid as
a reimbursement so say for instance
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you're a college is nice and they
decided to reimburse you for this
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semesters room and board the college
cannot take your aid since they
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reimbursed you where this gets a little
messy is that that institutions are the
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ones that are responsible for
distributing the emergency funds to
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students and they must develop their own
process and priorities for dispersing
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this fund to the students some colleges
may be faster than others so just be on
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the lookout on you
colleges homepage so as of April 21st
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the Department of Education that did
provide clarification on how colleges
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can disperse these funds so the
information is out there we're basically
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just waiting on the colleges to figure
out what to do with this money I'll give
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you a few examples from colleges that
are we started to implement this
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emergency relief aid I also post the
links of the sources in the description
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if you want to check them out for
yourself
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so some colleges such as the University
of Washington, Ohio State, and USC did
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provide information of this fund on
their website so first let's talk about
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eligibility so the Department of
Education did that say that they're only
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limiting the funding to students who are
eligible to receive federal financial
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aid and we're enrolled in a program that
was on campus prior to the transition of
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online classes due to the pandemic even
if you haven't filed a FAFSA application
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but if you are eligible you may be able
to receive this aid also inside the
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guidelines they did say that
undocumented students, international
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students, and students who were enrolled
exclusively on an online program would
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not be eligible
even though international students may
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be ineligible for this federal aid some
colleges they do have grants where they
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can provide aid that's very similar so
depending on where you go to college
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it's really going to determine on how
they are going to disperse the funds and
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how much you will receive from what our
research there are many schools like USC
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Ohio State and Central Florida requiring
students to fill out a form to receive
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the aid so here's a form from USC so on
this form they say that the maximum that
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any student can receive is three
thousand dollars they can request funds
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to be used for basic needs such as food
housing education related expenses and
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other expenses such as health care so
for the University of Washington they
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say that they can provide emergency
aid funds for standard relief grant of
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$1,200 per students and $1,700 for
students with dependents based on the
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family income that was reported on the
FAFSA but for some universities they did
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not say how much money that they will
give out so when I was researching I
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went on the Ohio State's website and
they did not state the maximum that a
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student can receive so now let's talk
about how you can receive this funding
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so per the direction of the
Department of Education they said
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the colleges must provide emergency
financial aid grants to students using
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checks electronic transfer payments
debit cards and payment
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so depending on the college that you go
to most likely the funds would be
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dispersed to your students account
that's what USC is doing so I'm pretty
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sure that most colleges are doing
something very similar now let's talk
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about when you may receive this money so
there's really no clear answer for this
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because it really depends on the college
the University of Washington they
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already started disburse this
funding other colleges they haven't set
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a date yet and some colleges are just
doing a first-come first-served basis
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these colleges are experiencing high
volumes of applications so it may take a
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little time depending on when you
applied so now let's talk about if this
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funding would affect your financial aid
so according to USC instead of any
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funding from the Covid-19 emergency
assistance fund would not impact your
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student financial aid package just due
to the fact that the cares Act funding
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is not categorized as financial aid this
is a time sensitive matter so you have
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to be quick with the applications if
there is one just double check with your
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colleges website to see when the
deadlines may be I wish I'll learn about
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this information must sooner so I could
provide it to you guys so if you guys
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have any questions about this aid the
majority of colleges out there are aware
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it is fund so just contact your school
for the latest information alright guys
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so that pretty much does it for me let
me know in the comments below if you
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receive any emergency funding for me
colleges if you guys haven't already
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make sure you guys stimulate that like
button it really helps up the channel
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subscribe so you don't miss out on any
future videos and if you bored in the
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