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Episode 15- The CARE Act for students

Apr 27, 2020

CARE act for students

https://ticas.org/affordability-2/whats-in-the-cares-act-higher-education-student-debt/

approx. $14.25 billion) is directed to higher education institutions

Of the approximately $14 billion dedicated to colleges and universities:  Ninety percent (approx. $13 billion) will go directly to institutions of higher education.

Institutions must use at least half of the funds they receive (for a total of approx. $6.975 billion across all institutions) to provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to coronavirus. These expenses include costs such as food, housing, course materials, technology, health care, and child care.

https://ticas.org/affordability-2/statement-on-the-cares-act/

“The bill specifically helps federal student loan borrowers by pausing monthly loan payments through September 30 without interest accruing; each of the months of paused payments counts toward forgiveness under Public Service Loan Forgiveness and income-driven repayment. The bill also halts all involuntary collections, which include wage garnishments and loss of tax refunds. It also ensures that borrowers who are in default will not have other emergency money provided by the federal government seized.

https://universitybusiness.com/college-students-cares-act-healthcare-trump-administration-coronavirus/

https://hope4college.com/wp-content/uploads/2020/04/BTFP_COVID19_EmergencyAid.pdf

https://eab.com/research/strategy/resource/cares-act-higher-education-faq/

https://www.thinkadvisor.com/2020/04/20/college-student-aid-another-tax-free-benefit-of-the-cares-act/#

https://www2.ed.gov/about/offices/list/ope/allocationsforsection18004a1ofcaresact.pdf

First amount is total allocation and second amount is how much is dedicated to students.

Indiana University - Bloomington $24,572,922 for students only  $12,286,461

Indiana University - East $1,062,722 for students only $531,361

Indiana University - Kokomo $2,505,620 for students only $1,252,810 

Indiana University - Northwest $2,947,212 for students only $1,473,606 

IUPUI- $20,919,345 for students only $10,459,673

Indiana University - South Bend $4,500,518 for students only $2,250,259

Purdue University $22,588,795 for students only $11,294,398 

Purdue University Fort Wayne $5,589,305 for students only $2,794,653 

Purdue University Global $816,781 for students only $408,391

Purdue University Northwest $5,824,998 for students only $2,912,499

https://coronavirus.purdue.edu/students/#financial-aid

https://coronavirus.iu.edu/faq/index.html#financial

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