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Wednesday, April 29, 2020

Utah Valley University Outlines Distribution Plan for Nearly $23 Million in Federal CARES Act Funds

UVU announced today that it will begin distributing $11,474,604 to students who qualify for CARES Act funding. The university is scheduled to receive a total of $22,949,207 in relief funding. In accordance with federal guidelines, UVU will distribute half of the funds directly to students, and the other half will be used for institutional expenses incurred due to COVID-19. 

The university’s goal is to distribute $11,474,604 to qualifying students as quickly as possible, which can be used for expenses directly related to coronavirus disruptions, such as food, housing, healthcare, technology, course materials, and childcare. 

“One of our main goals as a university is to provide exceptional care to our students,” said Astrid S. Tuminez, president of UVU. “One way to demonstrate that care is to make sure our students receive their funding as quickly as possible. We know this time has been difficult, and we want them to succeed.” 

In order to receive funding, the Department of Education requires that students be Title IV-aid-eligible, meaning UVU will base funding decisions on either a 2019–2020 or 2020–2021 FAFSA application. 

Students may receive funding in three ways: 

1) Students will receive a one-time cash grant based on the Estimated Family Contribution (EFC) on their FAFSA applications. The EFC is an index number that colleges use to determine financial aid. It is established by law and can include a student family’s taxed and untaxed income, assets, size of family, etc. 

2) A portion (not EFC-based but requires a completed FAFSA) of federal funds will be available to students who need funding to stay in school. 

3) A portion of funds will be available for students who are within 15 credit hours of graduating. 

Students will be notified via their UVU Gmail accounts if they are identified as potentially eligible to receive funding under federal guidelines. The emails were sent today to those who previously qualified for financial aid. If students have signed up for direct deposit, the funds will be transferred into their bank accounts; otherwise, checks will be mailed. 

In addition, students will be sent a Qualtrics survey to certify they experienced financial hardship due to the disruption of campus from COVID-19. 

The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The act provides financial compensation and support to multiple layers of the U.S. economy, including businesses, individuals, unemployment benefits, and education.

For more information about UVU student funding, visit the UVU CARES Act Emergency Funding FAQ.