30-day fund report
On April 21, 2020, Wellesley College signed and returned the Certification and Agreement for funding under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students to the Department of Education.
On April 27, 2020 Wellesley College received a total of $985,234 of funding under the Section 18004(a)(1) of the CARES Act for Emergency Financial Aid Grants to students.
Wellesley College estimates 1,471 students are 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.
In the initial distribution of approximately 75% of the CARES Act funding, Wellesley prioritized students with the greatest financial need as determined by the level at which they qualify for need-based grant aid. These students may require assistance with eligible expenses caused by the disruption of campus operations due to COVID-19. Wellesley College offered grants to Title IV eligible students who qualify for need-based grant aid, based on the chart below. In addition, Wellesley set up a process through which Title IV-eligible students may request additional CARES Act funding if they have additional qualifying expenses.
Need Based Grant %
| CARES Grant Funding offered
|
---|
70-100% Grant aided
| $725
|
50-69% Grant aided
| $500
|
1-49% Grant aided
| $300
|
The College announced the Emergency Financial Aid Grants in a communication about financial support for students to the community, and sent emails to those students identified as likely to have needs for funds to cover eligible expenses related to the disruption of campus operations due to coronavirus. In order to receive CARES Act Emergency Financial Aid Grants, students were required to certify eligibility and use of the funds.
CARES Act Distribution
Date
| Amount distributed
| Title IV eligible students
|
---|
May 26, 2020
| $697,285
| 1,160
|
June 26, 2020
| $723,933
| 1,203
|
Quarter ending June 30, 2020
| $723,933
| 1,203
|
July 26, 2020
| $732,198
| 1,205
|
August 26, 2020
| $735,578
| 1,205
|
September 26, 2020
| $741,513
| 1,212
|
Quarter ending September 30, 2020
| $741,513
| 1,212
|
October 26, 2020
| $752,668
| 1,226
|
November 26, 2020
| $808,027
| 1,262
|
December 26, 2020
| $879,493
| 1,333
|
Quarter ending December 31, 2020
| $879,493
| 1,333
|
January 26, 2021
| $906,130
| 1,337
|
February 26, 2021
| $947,865
| 1,351
|
March 26, 2021
| $985,234
| 1,355
|
Quarter ending March 31, 2021
| $985,234
| 1,355
|