Higher Education Emergency Relief Fund (HEERF) Reporting
Emergency Financial Aid Grants to Students Under Section 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or the “Act”)), Pub. L. No. 116-136, 134 Stat. 281
(June 30, 2020, Revised January 14, 2021)
In furtherance of its reporting obligations, Five Towns College:
- Acknowledges 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.
- The total amount of funds that Five Towns College will receive or has received from the Department pursuant the institution’s Certification and Agreement for Emergency Financial Aid Grants to students is $430,074.
- The total amount of Emergency Financial Aid grants distributed to students under Section 1800(4)(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) during the first Round established by the College was $24,970. As of June 5, the College processed $26,865 in Round 1 applications, and $62,435 in Round 2, for a total of $89,300. On August 3, the College processed an additional $25,000, bringing its expended amount to $114,300. By August 31, the College processed an additional $71,833, bringing its expended amount to $186,133. On September 9, an additional $8,500 was processed, bringing its expended amount to $194,633. By January 14, 2021, an additional $148,862 was expended, bringing the disbursed amount to $343,495, or 80% of the total student portion. The College continues to accept applications for funding from eligible students.
- The estimated total number of students currently at and formerly enrolled at the institution who are or were eligible to participate in programs under Section 484 of 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 is 510.
- The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act based on Round 1 was 33 with an average award of $906. As of June 3, 2020, the number of students funded rose to 152, with an average total award of $590. As of August 3, 2020, the number rose to 202, with an average total award of $568. By August 31, 2020, the number rose to 206, but with students eligible for additional funds the average total awards to individual students rose to $945. As of January 14, 2021, the number of students who received awards rose to 362 with an average individual award of $949.
- The methods 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 is described on the Five Towns College CARES Act Notice and Certification Form published on the College’s official website https://www.ftc.edu/cares/
- Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants is described on the Five Towns College CARES Act Notice and Certification Form published on the College’s official website https://www.ftc.edu/cares/
- The Institution makes the following additional disclosures:
- DREAMERS – The College created a separate institutional fund to cover Dreamers left out of the CARES Act. The total number of approved requests from Dreamers as of June 5 is 3. The total amount spent by the institution for Dreamers is $1,500 for an average award of $500. As of January 14, 2021 the College had not received additional applications from Dreamers.
- REFUNDS – The College has processed Residence Hall Fee adjustments for 170 students resulting in a refund total of $396,662. In addition, it has processed Meal Plan Fee adjustments for 170 students resulting in a refund total $242,366. The combined total amount of adjustments processed for Residence Hall and Meal Plan Fees to date is $639,028. The average adjustment is $3,069 per resident student.
- CONSOLIDATED REPORT – The total amount of Cares Act funding, Five Towns College Cares for Dreamers Program funding, and adjustments resulting in Institutional Refunds made to date is $984,023.