CARES Act

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 50% 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

Rensselaer has been approved by the Department of Education to receive the $2,414,391 for direct student aid grants. As of June 23, 2020, the Institute established its policies with regard to distribution of grants.  Approximately $2,312,000 will be distributed to eligible undergraduate students based on their Expected Family Contribution as a result of their FASFA, with a focus on providing awards to the highest need students at Rensselaer. Approximately $102,000 will be distributed through discretionary awards to eligible graduate and undergraduate students who have been significantly impacted by the disruption created by the COVID-19 pandemic. 

The Institute is utilizing a tiered approach for the distribution of approximately $2,312,000 of grants, providing more substantial award amounts to our neediest students. To be eligible for an award, a student must meet the following criteria:

  • The student was enrolled as matriculating undergraduate student for the spring 2020 semester and continues to be enrolled as a matriculating student as of June 15, 2020.
  • The student is eligible for financial aid under Title IV of the Higher Education Act of 1965.
  • The student’s Expected Family Contribution for the 2019-2020 academic year was $7,499 or less.

The Emergency Financial Aid Grant amount is determined based on the Expected Family Contribution as outlined in the following table:

Expected Family
Contribution

CARES Act of 2020 Student Emergency
Financial Aid Grant

$0-$999

$3,000

$1000-$1,499

$2,750

$1,500-$1,999

$2,500

$2,000-$2,499

$2,250

$2,500-$2,999

$2,000

$3,000-$3,499

$1,750

$3,500-$3,999

$1,500

$4,000-$4,499

$1,250

$4,500-$4,999

$1,250

$5,000-$5,499

$1,000

$5,500-$5,999

$1,000

$6,000-$6,499

$1,000

$6,500-$6,999

$1,000

$7,000-$7,499

$1,000

Greater than $7,499

$0

Approximately $102,000 will be distributed to eligible graduate and undergraduate students based on the following criteria:

  • The student was enrolled as matriculating undergraduate or graduate student during the spring 2020 semester and continues to be enrolled as a matriculating student as of June 15, 2020.
  • The student is eligible for financial aid under Title IV of the Higher Education Authorization Act.
  • The student has had a change in financial circumstance as a result of COVID-19.
  • The student has submitted a request for an Emergency Financial Aid Grant to the Office of Financial Aid. The application is available at https://admissions.rpi.edu/financial-aid/forms.
  • The Emergency Financial Aid Grant amount is determined by the Vice President of Enrollment Management with the maximum award being $3,000.

Awards will be processed in the order in which they are received and will continue to be processed until all funds are expended.

As of July 2, 2020, all discretionary funds have been allocated. No further applications will be accepted at this time.

Institution Aid

On June 9, 2020, Rensselaer was approved by the Department of Education to receive a $2,414,391 grant for reimbursement of institutional costs associated with the COVID-19 pandemic as awarded in the CARES Act. This grant is expected to be fully utilized as of June 30, 2020.

Reporting

The CARES Act requires institutions to submit ongoing reports. View the reports below.

Back to top