March 15, 2021
Want to know how much your institution will get in the coronavirus relief package passed by Congress and signed into law by President Biden last week?
The American Council on Education released a simulation on Friday of how the $40 billion in aid for higher education will be distributed.
Of the money, $36 billion will go to the nation’s nearly 3,500 public and private, nonprofit colleges and universities. Another $395.8 million will go to the roughly 1,630 for-profit institutions. Another $200 million will be allocated to institutions based on exceptional need. The bill also provides nearly $3 billion to historically Black colleges and universities, tribal colleges and universities, Hispanic-serving institutions, and other minority-serving institutions.
Unlike the relief bill approved in December, institutions with large endowments will not be subject to a 50 percent penalty. Harvard University, for example, will get $25.4 million. Nonprofit institutions, as in past packages, are required to spend at least half of their funding on emergency financial aid grants to students. For-profit institutions must spend all of their relief funding on the emergency grants.