Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act)
On March 27, 2020 the Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act) was signed into law by the President of the United States. The CARES Act, among other relief measures, provided for emergency relief for students and institutions of higher education. Funding, as outlined in Section 18004 (a)(1), was allocated to each institution of higher education based on the relative share of full-time equivalent federal Pell Grant recipients (75%) and the relative share of full-time equivalent enrollment of students who were not Federal Pell Grant recipients (25%).
Under this formula, Rensselaer was allocated a total of $4,828,782. A minimum of fifty-percent of the funds ($2,414,391) are required to be allocated to direct student aid; the remaining funds are available to assist with offsetting institutional costs incurred due to the COVID-19 pandemic.
Direct Student Aid
While Rensselaer has been approved by the Department of Education to receive the $2,414,391 for direct student aid, to date, the Institute has not received any funds.
Rensselaer is currently developing a policy for the distribution of the direct student aid, as provided for in the CARES Act. Funds must be distributed within one year.
Rensselaer has not yet applied for the institutional portion of the amount allocated to it under the CARES Act, and is currently evaluating the guidelines provided by the Department of Education for acceptable use of these funds. While it is anticipated that the Institute will apply for this aid to assist with offsetting institutional costs incurred due to the COVID-19 pandemic, a timeline to do so has not yet been established.
The CARES Act requires institutions to submit ongoing reports. View the reports below.