CARES ACT Emergency Financial Aid Grants

The following information is provided in compliance with the U.S. Department of Education reporting requirements for the CARES Act Emergency Financial Aid Grants for Students.

  • As of September 30, 2020, Yeshiva University has distributed $1,008,250 of Cares Act Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act
  • Yeshiva University signed and returned to the Department of Education the Recipient’s Funding Certification and Agreement. Yeshiva University ensures that it has used and 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.
  • The total amount of funds that Yeshiva University has received from the Department of Education pursuant to the Yeshiva University’s Certification and Agreement for Emergency Financial Aid Grants to Students is $1,239,898.
  • As of September 30, 2020, Yeshiva University has distributed $1,008,250 of Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act.
  • Yeshiva University has estimated that 2,677 students may be eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus are eligible to receive Emergency Financial Aid Grants to Students under Section 18004(a)(1) of the CARES Act.
  • As of September 30, 2020, 1,284 Yeshiva University students have received CARES Act Emergency Financial Aid Grants under Section 18004(a)(1) of the CARES Act
  • Yeshiva University developed a distribution methodology that prioritized eligible students with the greatest financial needs, while also ensuring that funds are distributed as widely as possible. In order to meet the U.S. Department of Education’s requirement to distribute funds only to Title IV eligible students and its focus on prioritizing distributions of the limited funds to students with the greatest financial needs, Yeshiva University determined that grants should primarily be made to eligible students based on their documented 2019-2020 FAFSA Estimated Family Contribution (EFC) score.  EFC is an index number that colleges use to determine how much financial aid a student is eligible to receive and is calculated according to a formula established by law and the information submitted in the student’s FAFSA form.  In order to give more funding to the needier students, the EFC scores were grouped into tiers, with the students in the lower EFC scores/tiers, i.e., the more financially needier students, receiving the higher amount of grant payments.  Given the limited amount of funding providing by the Government and to provide sufficient funding for the neediest of students, the EFC tiers were capped at the following thresholds; for undergraduates, eligible recipients’ EFCs were capped at $14,999 and graduate students EFCs were capped at $2,999  or $5,999 depending on the graduate program.  Therefore, students who may have been technically eligible for a Cares Act grant but did not file a FAFSA form for 2019-2020 or did file a FAFSA form but whose EFC score was above $14,999 for undergrads or $2,999/$5,999 for graduate students, did not receive a first round CARES Act grant.

However, Yeshiva also set aside a certain amount of the CARES Act funds (the “Appeal Fund”) to provide an available second round of CARES Act grant via a separate application process to those Cares Act eligible students who either did not qualify for a first round grant or whose documented financial need exceeded the amount they received in the first round.  Eligible second round students (i.e., a Spring 2020 on campus, degree seeking, Title IV eligible student), including those who did not receive a first round grant due to not having filed a 2019-2020 FAFSA or the student’s EFC score was above the threshold caps, are eligible to complete the online second round Cares Act Appeal Fund application through the Office of Student Finance.  As part of the online application, the student will be asked to provide information to support his/her financial need for the grant and to document the eligible expenses incurred related to the disruption of campus operations due to the COVID-19 pandemic. These applications are processed and reviewed by a team within the Yeshiva University Office of Student Finance. Title IV eligibility will also be verified where necessary, and supporting documentation may be requested from a student in order for a decision to be made on the student’s application. If a student is still ineligible for a grant via the first round or the second round Appeal Fund, and the student and/or his or her family was significantly affected by issues associated with the COVID-19 pandemic, the Office of Student Finance may still be able to help with emergency aid from other institutional resources 

  • Yeshiva University has posted the following FAQs on its website providing information to students concerning the Emergency Financial Aid Grants.  

September 30, 2020 Quarterly Report - Updated October 9, 2020

Department of Education Quarterly Budget and Expenditure Reporting under CARES Act Section 18004(a)(1) Institutional Portion 


FAQs – EMERGENCY FINANCIAL AID GRANTS TO STUDENTS UNDER THE CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY (CARES) ACT 

The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was passed by Congress and signed into law to provide economic relief from COVID-19. One section of the CARES Act established the Higher Education Emergency Relief Fund (HEERF), which provided funding to colleges and universities to use for emergency financial aid grants to students for expenses related to the disruption of campus operations due to the pandemic.  The HEERF also provides money for universities to use to help with their costs incurred due to COVID-19.

  • Students who meet Title IV eligibility criteria for federal financial aid are eligible for funding from the HEERF. The University will use Free Application for Federal Student Aid (FAFSA) data to determine your eligibility. If you are eligible to file a FAFSA but have not yet filed for 2019-20 and need assistance, please file a FAFSA at studentaid.gov.
  • Under U.S. Department of Education guidelines for the program, HEERF funds can be awarded to undergraduate, graduate, and professional students pursuing degree programs and enrolled at Yeshiva University for the Spring 2020 semester and maintain the minimum requirements of Satisfactory Academic Progress.
  • The U.S. Department of Education does not allow these funds to be used for international students, undocumented students, non-matriculated students or students enrolled in distance-only degree programs.

These funds are meant to help students pay expenses related to food, housing, course materials, technology, healthcare, childcare, or other expenses incurred from the disruption of campus operations.

Yeshiva University developed a distribution methodology that prioritized eligible students with the greatest financial needs, while also ensuring that funds are distributed as widely as possible. In order to meet the U.S. Department of Education’s requirement to distribute funds only to Title IV eligible students and its focus on prioritizing distributions of the limited funds to students with the greatest financial needs, Yeshiva University determined that grants should primarily be made to eligible students based on their documented 2019-2020 FAFSA Estimated Family Contribution (EFC) score.  EFC is an index number that colleges use to determine how much financial aid a student is eligible to receive and is calculated according to a formula established by law and the information submitted in the student’s FAFSA form.  In order to give more funding to the needier students, the EFC scores were grouped into tiers, with the students in the lower EFC scores/tiers, i.e., the more financially needier students, receiving the higher amount of grant payments.  Given the limited amount of funding providing by the Government and to provide sufficient funding for the neediest of students, the EFC tiers were capped at the following thresholds; for undergraduates, eligible recipients’ EFCs capped at $14,999, graduate students EFCs capped at $2,999  or $5,999 depending on the graduate program.  Therefore, students who may have been technically eligible for a Cares Act grant but did not file a FAFSA form for 2019-2020 or did file a FAFSA form but whose EFC score was above $14,999 for undergrads or $2,999/$5,999 for graduate students, did not receive a first round CARES Act grant.

However, Yeshiva also set aside a certain amount of CARES Act funds (the “Appeal Fund”) to provide an available second round of CARES Act grant via a separate application process to those Cares Act eligible students who either did not qualify for a first round grant or whose documented financial need exceeded the amount they received in the first round.  Eligible second round students (i.e., a Spring 2020 on campus, degree seeking, Title IV eligible student), include those who did not receive a first round grant due to not having filed a 2019-2020 FAFSA or the student’s EFC score was above the threshold caps, may complete the online Cares Act Appeal Fund application through the Office of Student Finance.  As part of the online application, the student will be asked to provide information to support his/her financial need for the grant and to document the eligible expenses incurred related to the disruption of campus operations due to the COVID-19 pandemic. These applications will be reviewed by the Office of Student Finance. Title IV eligibility will also be verified where necessary, and supporting documentation may be requested from a student in order for a decision to be made on the student’s application. If a student is still ineligible for a grant via the first round or the second round Appeal Fund, and the student and/or his or her family was significantly affected by issues associated with the COVID-19 pandemic, the Yeshiva Office of Student Finance may still be able to help with emergency aid from other institutional resources 

 

No.  These funds will be sent directly to you regardless of your account standing and will not appear on your student account.

No. The funds are designed to be a grant and not a loan.

No.  The funding will not count towards Estimated Financial Assistance (EFA) and will not affect Fall 2020 financial aid eligibility.

No, per the IRS, the grant will not be included in your taxable income.  Please see the IRS website for more details. https://www.irs.gov/newsroom/faqs-higher-education-emergency-relief-fund-and-emergency-financial-aid-grants-under-the-cares-act

The Department of Education allocated money to Yeshiva University, along with all other colleges and universities, according to a formula that is based on the number of students at Yeshiva University and the number of Pell Grant recipients in the undergraduate population. Information about the formula is available here: https://www2.ed.gov/about/offices/list/ope/heerf90percentformulaallocationexplanation.pdf. Information about the allocation provided to Yeshiva University, along with those provided to other colleges and universities, is available here: https://www2.ed.gov/about/offices/list/ope/allocationsforsection18004a1ofcaresact.pdf

The Department of Education maintains answers to Frequently Asked Questions on its website. A link to general FAQs is available here: https://www2.ed.gov/about/offices/list/ope/heerfstudentfaqs.pdf

A list of FAQs frequently asked by students is available here: https://www2.ed.gov/about/offices/list/ope/studentfaqs515.pdf