WHAT IS THE CARES ACT?
The CARES Act (Coronavirus Aid, Relief, and Economic Security Act), is a law meant to address the economic fallout of the 2020 Coronavirus (COVID-19) pandemic in the United States. Within the CARES Act, there are provisions made by the Secretary of Education, Betsy DeVos, for emergency student relief for enrolled students at Title IV Schools.
These emergency funds are intended to provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to coronavirus (including eligible expenses under a student’s cost of attendance, such as food, housing, course materials, technology, health care, and childcare). Section 18004(c), CARES Act.
On June 17, 2020, the U.S. Department of Education released the final rule regarding student eligibility for the CARES Act Student Relief grants. An “eligible student” is defined by the U.S. Department of Education as a person who is or would be eligible under section 484 of the HEA for Title IV aid, who was enrolled at a Title IV Institution, enrolled in a Title IV eligible program as of March 13, 2020.
REPORTING REQUIREMENTS UNDER THE CARES ACT
Under the reporting requirements for the CARES Act, the following information must appear in a format and location that is easily accessible to the public 30 days after the date when the institution received its allocation under 18004(a)(1) and updated every 45 days thereafter:
- An acknowledgement that the institution signed and returned to the Department the Certification and Agreement and the assurance that the institution has used, or intends to use, no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
*Headmasters School of Hair Design has signed and returned to the Department, the Certification and Agreement on 7/22/2020 and an assurance that the institution intends to use no less than 50% of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to eligible students. - The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students.
* On 7/23/2020, Headmasters School of Hair Design received $30,543 to be distributed to eligible students in the form of Emergency Financial Aid Grants under the CARES act. - The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of the date of submission (i.e., as of the 30-day Report and every 45 days thereafter).
• On August 13, 2020, Headmasters School of Hair Design distributed $1221.72 in Emergency Financial Aid Grants to 19 Students.
• On August 17, 2020, Headmasters School of Hair Design distributed $1221.72 in Emergency Financial Aid Grants to 1 Student.
• On August 19, 2020, Headmasters School of Hair Design distributed $1221.72 in Emergency Financial Aid Grants to 1 Student.
• On August 24, 2020, Headmasters School of Hair Design distributed $1221.72 in Emergency Financial Aid Grants to 1 Student.
• On August 26, 2020, Headmasters School of Hair Design distributed $1221.72 in Emergency Financial Aid Grants to 1 Student.
• On August 31, 2020, Headmasters School of Hair Design distributed $1221.72 in Emergency Financial Aid Grants to 1 Student.
• On October 13, 2020 Headmasters School of Hair Design distributed the final $1221.72 in Emergency Financial Aid Grants to 1 Student. - The estimated total number of students at the institution eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act.
• Headmasters School of Hair Design determined, based on Title IV eligibility (FAFSA), that 25 students were eligible to receive Emergency Financial Aid Grants under the CARES Act. - The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.
• Headmasters School of Hair Design disbursed Emergency Financial Aid Grants to 19 eligible students on August 13, 2020.
• Headmasters School of Hair Design disbursed Emergency Financial Aid Grants to 1 eligible student on August 17, 2020.
• Headmasters School of Hair Design disbursed Emergency Financial Aid Grants to 1 eligible student on August 19, 2020.
• Headmasters School of Hair Design disbursed Emergency Financial Aid Grants to 1 eligible student on August 24, 2020.
• Headmasters School of Hair Design disbursed Emergency Financial Aid Grants to 1 eligible student on August 26, 2020.
• Headmasters School of Hair Design disbursed Emergency Financial Aid Grants to 1 eligible student on August 31, 2020.
• Headmasters School of Hair Design disbursed Emergency Financial Aid Grants to 1 eligible student on October 13, 2020 - The method(s) used by the institution to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act.
• Upon receipt of these emergency student relief funds, Headmasters School of Hair Design will award and distribute this funding to eligible students based on the following methodology:
i. When the CARES Act funds are received by the school, each student’s eligibility will be determined. In order to be eligible, the student must be eligible for Title IV, enrolled in a Title IV program and be active as of March 13, 2020.
ii. Headmasters School of Hair Design will determine eligibility by generating a list of all currently enrolled students and graduate students eligible for Title IV, that were active students on March 13, 2020.
iii. Once a final number of eligible students is determined, the funds will be divided equally amongst all these eligible students.
iv. Checks will be generated and distributed to each eligible student, along with an Acknowledgement form outlining the intended use of the emergency grants under the CARES act.
v. The CARES Act grant amount will be documented on each eligible student’s ledger.
vi. Example of emergency grant award calculations: $30,543 (awarded to Headmasters School of Hair Design from CARES Act) ÷ 25 (active students) = $1,221.72 (total CARES grant awarded to student) - Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.
• Checks will be handed out at the school. Speak to Administration if other arrangements are needed.
Click here for a copy of Headmasters School of Hair Design CARES Act Student Relief Policy.
This final quarterly posting is the final report covering all remaining HEERF expenditures for Section 18004(a)(1) Student Portion Funds.
