Due to the COVID-19 pandemic, schools, especially private colleges like North Central, will be losing revenue.
The revenue could potentially continue to decline into the fall if enrollment rates drop drastically.
According to The Chronicle of Higher Education, these schools will need to rely on “their savings and lines of credit to get by.”
In order to help lessen the financial blow, the federal stimulus package will be sending $14 billion in grants to higher education schools.
The Chronicle of Higher Education has every school’s emergency aid numbers and notes that “this portion of the money, the department said in a Thursday news release, will be distributed ‘immediately.’” About half of each institution’s aid is reserved for emergency student aid.
North Central will be receiving a total amount of $2,410,282. The minimum amount for emergency financial aid grants to students will be $1,205,141.
The emergency fundings of other schools nearby are:
- College of DuPage: $9,100,886
- Wheaton College: $2,023,744
- The University of Illinois at Urbana-Champaign: $31,448,178
- Benedictine University: $3,297,892
- Lewis University: $3,978,861
According to the U.S. Department of Education, the $14 billion in aid is made available to “provide cash grants to students for expenses related to disruptions to their education due to the COVID-19 outbreak, including things like course materials and technology as well as food, housing, health care, and childcare.”
The money distribution is determined by the number of full-time students Pell-eligible, as well as the total population of the school.
However, Inside Higher Ed said that “creating a funding formula that factors in Pell and non-Pell students could delay the distribution of stimulus dollars by months.”
This has led to some anxiety for schools and students relying on the quick distribution of the aid.
“In addition, the department still has to issue guidance on questions like how the money — half of which must be used for emergency grants to students — can be used, the (Senate GOP) aide said. The money likely won’t be sent out until late this month or in May, the (Senate GOP) aide said, acknowledging that the department hasn’t been able to give a date,” said Kerry Murakami in “Anxious Wait for Stimulus Money.”
When asked about the stimulus funding, Peter Barger, assistant provost and director of institutional effectiveness and planning, said Thursday that he is not involved in this area of the College’s COVID-19 response. He urges that questions about emergency aid and how the College will be using the money “will be on the FAQ website,” which is partially created by the Office of Marketing and Communication.
Jeremy Borling, director of communication within the Office of Marketing and Communication, said Friday that several members of the College’s staff are working to evaluate and understand how this additional funding will affect students, as well as the overall timetable for the aid.
“There remains a great deal of uncertainty regarding the details of the stimulus program, including when the College and our students will receive funding. The College will contact those students who may be affected by the stimulus program with additional information as soon as it is available,” said Borling.
This story was updated Friday afternoon with information from Jeremy Borling regarding when students will be receiving financial aid.
