June 1, 2020
As part of the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act, Endicott College has been awarded funding to be used for direct emergency financial assistance for eligible undergraduate students. Endicott will distribute this funding to eligible students as soon as practicable following receipt of the funds from the U.S. Department of Education.
In addition to the emergency funding for students, the College has received equivalent funding from the CARES Act that will offset institutional costs incurred as a result of the COVID-19 pandemic.
Funding will be provided to eligible undergraduate students enrolled at Endicott during the Spring 2020 semester. CARES grants are being awarded based on Title IV eligibility and demonstrated need. Not all Title IV-eligible students will receive CARES funding; it is being distributed to the students with the most need.
Endicott students must meet certain eligibility requirements to receive CARES Act HEERF funding:
- Degree seeking
- Continued enrollment for the Spring 2020 semester
- Title IV eligible: Student filed a Free Application for Federal Student Aid (FAFSA) and completed all outstanding requirements to receive federal financial aid prior to May 1, 2020, and met satisfactory academic progress standards
- Funds will not be awarded to non-degree students, international students or students who were enrolled in courses exclusively taught in a remote or online distance learning environment on or before March 13, 2020
Endicott has signed and returned to the U.S. Department of Education the required Certification and Agreement to receive monies under Section 18004 of the CARES Act. Endicott assures that it has used, or 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 students.
The total amount of funds that Endicott will receive from the Department pursuant to the institution’s Certification and Agreement for Emergency Financial Aid Grants to Students is $1,031,504. As of June 1, 2020, Endicott has yet not distributed the funds to the students. (This information will be updated every 45 days as required.)
The estimated total number of Endicott students 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 the CARES Act is 2,310. Endicott anticipates that 1,054 students will receive grants based on its distribution in accordance with CARES Act requirements.
The method used by Endicott to determine which students will receive grants and how much they will receive under Section 18004(a) (1) of the CARES Act is as follows.
a) Endicott estimated that a typical student incurred at least $1,000 due to the COVID-19 closing (lost wages, travel, supplies, etc.).
b) Endicott decided to allocate the funds in a way that would most benefit the most financially needy students.
c) Awards were made in two tiers of flat dollar amount grants: $1,000 and $500.
d) Grant amounts were calculated based on the demonstrated financial need of eligible students as reported on FAFSA submissions for the current academic year (expected family contribution).
Students who have been awarded a grant will receive emails notifying them of the award.