CARES ACT Student Disbursement FAQ
Q: What is the status of the federal CARES Act funding that Florida Tech has received to support students?
A: Florida Tech is receiving approximately $23 million of funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with up to $10.1 million mandated for use as student emergency financial aid grants.
CARES Act Funding
|
|
Student Portion |
Institutional Portion |
Total Grant |
|---|---|---|---|
|
HEERF I |
$1,803,823 |
$1,803,822 |
$3,607,645 |
|
HEERF II |
$1,803,823 |
$5,015,916 |
$6,819,739 |
|
HEERF III |
$6,535,803 |
$6,030,434 |
$12,566,237 |
|
Total CARES Act Funds |
$10,143,449 |
$12,850,172 |
$22,993,621 |
HEERF I grants have been disbursed to eligible on-ground students who were determined to be adversely affected by the shutdown of campus operations.
HEERF II grants have been disbursed to students who met the following criteria:
- Must be registered as a full-time, degree-seeking student in the Spring 2021 semester.
- All students will have a completed FAFSA on file with Florida Tech.
- All eligible students must have documented need and cannot have their tuition covered by other gift assistance.
- Students will be prioritized into four groups based on the difference between their gift aid and spring tuition.
00146900_HEERF_Q32020_10272020
00146900_HEERF_Q42020_01042021
00146900_HEERF_Q12021_04102021
00146900_HEERF_Q22021_07092021
00146900_HEERF_Q32021_10082021
00146900_HEERF_Q42021_01072022
00146900_HEERF_Q12022_04102022
Q: How much money will each student receive?
A: Cares Act Disbursements to students by term
Professional Judgement Emergency Cases for HEERF3 Disbursements American Rescue Plan
| Number Recipients | Total Awarded | |
|---|---|---|
| 2nd quarter 2021 | 1 | $4,076 |
| 3rd quarter 2021 | 15 | $46,424 |
| 4th quarter 2021 | 9 | $19,210 |
| 1st quarter 2022 | 12 | $19,413 |
Spring 2020 HEERF I CARES
| Group | Amount per award | Number of Recipients | Total Awarded |
|---|---|---|---|
| Main Campus FAFSA Filers |
$668.97 | 1837 | $1,228,897.89 |
| Main Campus Pell Elig. |
$818.98 | 702 | $574,925.11 |
| Totals | 2539 | $1,803,823.00 |
Spring 2021 HEERF II CRRSA
| Group | Amount per award | Number of Recipients | Total Awarded |
|---|---|---|---|
| Main or On-Line Needy Gap <6500 |
$710.00 | 1014 | $719,940.00 |
| Main or On-Line Needy Gap btwn 6500 and 13000 |
$1,070.00 | 887 | $949,090.00 |
| Main or On-Line Needy Gap btwn 13000 and 20000 |
$1,450.00 | 82 | $118,900.00 |
| Main or On-Line Needy Gap >20000 |
$1,800.00 | 10 | $18,000.00 |
| Totals | 1993 | $1,805,930.00 |
Fall 2021 HEERF III American Rescue Plan
| Group | Amount per award | Number of Recipients | Total Awarded |
|---|---|---|---|
| Gap < $3500 | $700 | 564 | $394,800 |
| Gap between $3500 and $6999 | $1400 | 500 | $700,000 |
| Gap between $7,000 and $10,499 | $2000 | 649 | $1,298,000 |
| Gap between $10,500 and $14,999 | $2500 | 349 | $872,500 |
| Gap between $15,000 and $19,999 | $3000 | 42 | $126,000 |
| Gap greater than or equal to $20,000 | $3600 | 15 | $54,000 |
| HEERF 3 Fall 2021 Grants Totals | 2119 | $3,445,300 |
Spring 2022 HEERF III American Rescue Plan
| Group | Amount per award | Number of Recipients | Total Awarded |
|---|---|---|---|
| Gap < $3500 | $610 | 548 | $334,280 |
| Gap between $3500 and $6999 | $1,350 | 448 | $604,800 |
| Gap between $7,000 and $10,499 | $1,900 | 596 | $1,132,400 |
| Gap between $10,500 and $14,999 | $2,500 | 317 | $792,500 |
| Gap between $15,000 and $19,999 | $3,000 | 35 | $105,000 |
| Gap greater than or equal to $20,000 | $3,600 | 9 | $32,400 |
| Grand Total | $1,537 | 1953 | $3,001,380 |
Q: How are students getting the money?
A: The university’s disbursing agent, ECSI, will oversee direct deposits into students’ bank accounts or mail checks to students at the home address Florida Tech has on file if direct deposit is not an option.
Q: How will I know my deposit or check is this disbursement?
A: When a student receives a payment via direct deposit in their bank account, the description will say, “ECSI As Agent of Refund.” Checks will be mailed in a plain envelope with an ECSI return address. The check inside the envelope is branded with Florida Tech.
Q: Are there restrictions on how students may use their disbursements?
A: Florida Tech is not asking recipients to use this funding in any particular way.
Q: Where can I find additional information the disbursement?
A: Florida Tech’s Financial Aid Office may be contacted for questions related to the emergency financial aid grants. The office can be reached at finaid@fit.edu or 321-674-8070.
Q: What if I want more information on the CARES Act?
A: The best sources for information on CARES Act as it pertains to education are the U.S. Department of Education and two industry groups, NAFSAA (the National Association of Student Financial Aid Administrators) and NAICU (the National Association of Independent Colleges and Universities). Learn more from the DoE website, the NASFAA website, and the NAICU website.