WASHINGTON (WDVM)– Senator Tim Kaine introduced a bill to help higher education institutions access federal funding to support students.
This bill would make an additional 7.5 million students eligible, according to Kaine, for emergency financial aid and allow institutions of higher education to use CARES Act funds to cover any money loss as a result of COVID-19. Kaine introduced this to fix issues with the higher education emergency relief fund in the CARES act.
Specifically, the legislation would:
- Allow emergency stabilization funds to be used to cover lost revenue for colleges, rather than limiting federal funding to the Department of Education’s narrow interpretation that funds can only be used for new expenses associated with instruction as a result of the transition to distance learning.
- Maintain that no less than 50 percent of CARES Act funding be used to provide emergency financial aid grants to students.
- Ensure that emergency financial aid grants are made available to a broad group of students with financial need, not just those who have filled out a FAFSA application and are already eligible under Title IV of the Higher Education Act.
- Better target funds designated for colleges hardest hit by COVID-19 by requiring an application to demonstrate such needs, rather than providing all colleges with $500,000 in taxpayer funds regardless of size.
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