Quarterly Report for September 30, 2020
Posted on October 9, 2020
King University has signed and returned the Certification and Agreement form to the Department of Education and has provided students with 50 % of the funds received under Section 18004(a)(1) of the CARES ACT. The funds received under the CARES ACT were received on May 13, 2020, and “all” of the funds received were awarded and mailed to King University students on May 19, 2020. Eligible students and amounts were awarded under the guidelines that were in place on that date. The total awarded was $702,627, and we distributed $703,510 to students on May 19, 2020, and no refunds this quarter. This exceeded the 50% required amount.
King University also received an Instructional share under the CARES ACT to help King University with the additional costs of moving face to face students to an online format. This amount was $702,626.
The guidelines in place on May 19, 2020, dictated that for a student to receive these funds they must be eligible for Federal Title IV Aid. See the guidelines on this website https://studentaid.gov/understand-aid/eligibility/requirements. Also, students that were already enrolled in an online program prior to March 13, 2020, would not be eligible for these funds per the guidelines.
These Emergency Grant funds were disbursed based on students having the greatest need as recommended by the Secretary of Education, Elizabeth DeVos. Calculations were based on the student’s Estimated Family Contribution (EFC) from the 2019-2020 FAFSA and a student’s enrollment status (full-time or part-time). The Department of Education stipulated that funds could only be disbursed to Title IV eligible students. In order to determine Title IV eligibility, a student must have filed a 2019-2020 FAFSA. Also, an additional amount was given to residential students as they had greater expenses associated with moving off-campus.
It was determined that King University had 922 face to face students on March 13, 2020, and of these students, 800 were determined to be Title IV eligible. The amounts for students ranged from $100 to $1,540 with students that were fulltime, living On-Campus and having higher need receiving the largest amounts.
The university’s CARES Act disbursement plan aligns with the US Department of Education guidance for how the funds should be distributed that were in place at the time student awards were made. The student share of the Higher Education Emergency Relief Funding must be used for student expenses related to the disruption of campus operations due to COVID-19.
Revised on 11/18/2021