FAMU’s portion of the federal stimulus package enacted last month is about $13,051,325 according to a table published in the Chronicle of Higher Education. The table was based on a formula released today by the U.S. Department of Education on how the $12.5 billion in grants to higher education institutions would be distributed. Half of FAMU's $13 million, or $6,525,663 million, is designated for emergency cash grants to students whose lives and educations have been disrupted by the coronavirus outbreak.
It is not yet known, wether or not if this total includes the stimulus money specifically designated to minority-serving institutions.
It is not yet known, wether or not if this total includes the stimulus money specifically designated to minority-serving institutions.
Just last Thursday, FAMU VP of Finance and Administration Alan Robertson told Trustees, that the university faces $12.8 million in losses in revenue, expenses, due to the COVID-19 pandemic. This past Friday, the nation's Governor's wrote to Secretary Betsy DeVos asking her to distribute the money quickly.
The emergency student aid was dispersed to universities yesterday. The funds feature significant discretion on how institutions can award the emergency aid, said DeVos, who encouraged college leaders to prioritize students with the greatest needs.
The $2 trillion dollar CARE ACT was passed as college leaders continued to grapple with the financial consequences of moving instruction online as well as the broader economic fallout of the coronavirus pandemic. College administrators do not yet know the full financial impact of the coronavirus.
The emergency student aid was dispersed to universities yesterday. The funds feature significant discretion on how institutions can award the emergency aid, said DeVos, who encouraged college leaders to prioritize students with the greatest needs.
"This means that each institution may develop its own system and process for determining how to allocate these funds, which may include distributing the funds to all students or only to students who demonstrate significant need," DeVos said. "The only statutory requirement is that the funds be used to cover expenses related to the disruption of campus operations due to coronavirus (including eligible expenses under a student’s cost of attendance, such as food, housing, course materials, technology, health care and child care)."
"We want what's best for students," said Secretary DeVos. "That’s why we prioritized getting funding out the door quickly to college students who need it most. We don’t want unmet financial needs due to the coronavirus to derail their learning.”The $2 trillion dollar CARE ACT was passed as college leaders continued to grapple with the financial consequences of moving instruction online as well as the broader economic fallout of the coronavirus pandemic. College administrators do not yet know the full financial impact of the coronavirus.