Stone Academy has signed and returned to the Department the Certification and Agreement and the assures that the institution has 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 Institution has received $988,461.00 from the Department in Emergency Financial Aid Grants
- Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of May 31, 2020: $100,317.00
- 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: 1000
- Total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act: 843
- The method 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 is as follows:
- The institution will evenly distribute 81% of the total Emergency Financial Aid Grant funds to its active, Title IV eligible student population. The institution will do so over an 8 month period, issuing a fixed amount per student, per month. The institution will hold 19% of the total grant funds in a reserve. These reserve Emergency Financial Aid Grant funds will be held separately and issued to eligible students with extraordinary financial need. Extraordinary financial need will be measured on a case by case basis by the institution, and a student that can evidence that they are in an extraordinary financial hardship could potentially be eligible for more Emergency Financial Aid Grant Funds.
- Instructions for students regarding the Emergency Financial Aid Grants:
- Students will be instructed to fill out an application for the Emergency Financial Aid Grant program on the institution’s website. The form will request information on the applicant, as well as ask the applicant to “opt in” to the program. As long as the student is actively registered at the institution, is Title IV eligible, and has elected to “opt in”, they will receive Emergency Financial Aid Grant funding.