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Financial Aid

Cares Act 30-Day Report

June 26, 2020

The health of our students, staff, and faculty is South Baylo University’s top priority. To support our students’ financial well-being during the COVID-19 pandemic, South Baylo University is providing emergency financial aid grants to eligible Master’s and Doctoral students from the Higher Education Emergency Relief Fund, part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. To comply with the reporting requirements issued by U.S. Department of Education, and to maintain transparency to our community, we are providing details about the use of these funds.

 

1. An acknowledgment 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.

On May 14, 2020, South Baylo University (SBU) submitted to the U.S. Department of Education the signed Certification and Agreement for Higher Education Emergency Relief Funding and intends to use no less than 50 percent of the funds received under § 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.

2. 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.

SBU received $106,866 from the U.S. Department of Education as a result of the CARES Act, with a minimum of $64,120 set aside for student grants and a maximum of $42,746 allocated as institutional funding.

3. 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).

As of Thursday, June 25, 2020 SBU has distributed $38,750 in grants to students through the CARES Act.

4. 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.

An estimated total of 189 students enrolled in the Spring 2020 term was identified as potentially 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.

5. The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.

As of Thursday, June 25, 2020, 83 students met all CARES Act funding requirements and were awarded Emergency Financial Aid Grants while 1 student was denied due to default on federal student loans.  105 students may become eligible to receive emergency funding and will be awarded as their eligibility to participate in Title IV programs is determined.

6. 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.

South Baylo University has determined the amount of funding based on the FAFSA-determined Expected Family Contribution (EFC) and the number of credit hours registered.

Formula: (EFC points + registered credit hours points) X ($100 for MSAOM students or $150 for DAOM students) = Emergency Financial Aid Grant Award

 

EFC

# Points

0

3

$1 – $3,000

2

$3,001 – $6,000

1

$6001 or higher

0

 

Registered Credit Hours

# Points

12 or more

3

8-11

2

7 -1

1

0

0

 

Students may be eligible for a maximum of six points in the formula between these two criteria. The formula provides up to three points for a student’s EFC based on their 2019-20 FAFSA and up to three points for the number of credit hours in which a student was enrolled at the time of the disruption to campus operations due to COVID-19. Each point in the formula was assigned a value of $100 for MSAOM students and $150 for DAOM students. Student awards are offered based on their cumulative point totals of the two criteria at a multiplier of $100 or $150.

7. Any instructions, directions or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.

On Monday, June 1, 2020,  SBU provided instructions for applying for the grants through an email to all eligible students (see attachment A – the communication letter) and on the school Cares Act webpage.

In addition, on Thursday, June 11, 2020 the communication was emailed to the students who were identified as eligible to receive an initial emergency CARE Act award (see attachment B – communication letter).

Attachment A – Communication Letter Dated June 1, 2020

Attachment B – Communication Letter Dated June 11, 2020

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