fbpx

CARES Act Disclosure August 9, 2020

The information below is being provided in fulfillment of the requirement associated with the Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Coronavirus Aid, Relief, and Economic Security (CARES) Act
Higher Education Emergency Relief Fund
Emergency Student Financial Aid Grants
Report (Updated Report) as of August 9th, 2020

The information below is being provided in fulfillment of the requirement associated with the Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

  1. On May 24th, 2020, Christian Theological Seminary (the “Seminary”) signed and returned to the Department of Education (the “Department”) the Certification and Agreement.  No less than 50% of the Seminary’s total award will be used to provide Emergency Financial Aid Grants directly to students.
  2. On July 9thth, 2020, the Seminary received confirmation from the Department that it has been awarded up to $15,628 as its allocation for the Emergency Financial Aid Grants to Students.
  3. As of August 5th, 2020, the Seminary has yet to disburse any portion received from the Emergency Financial Aid Grant funding to students. The amount of funds listed in section 2 are expected to be distributed to students within the next few weeks; details will be shared in the next report.
  4. The estimated total number of students at the Seminary as of July 7th who are eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to Students under Section 18004(a)(1) of the CARES Act is 124 students.
  5. Thus far, the total number of students who have received an Emergency Financial Aid Grant under Section 18004(a)(1) of the CARES Act is <10 students.
  6. The initial distribution of CARES Act funds is being directed to Title IV eligible students enrolled in the Seminary during the Spring 2020 semester based on the fact that the students were significantly and negatively impacted by the COVID-related disruptions, including expenses associated with the sudden switch to remote learning in March. All of the students will be degree-seeking; and most of the students will be considered as enrolled full-time. Given the universal impact and the financial need of the students, the Seminary will continue to evaluate a process that will equally allocate these funds to all eligible students in the Seminary. It is anticipated that most eligible students will received up to $200 to cover expenses such as those related to technology (hardware, software and/or internet connectivity) or additional needs such as healthcare, and childcare. Additional details will be shared in the next report.
  7. All students who are expected to receive funds will be sent an e-mail notifying them about the distribution of funds to help them offset extra expenses incurred as a result of COVID-19 disruptions.