CARES Act Details
The following information is provided per U.S. Department of Education reporting requirements and represents our final quarterly reporting for these funds.
1) Vanderbilt acknowledges that it has signed and returned to the U.S. Department of Education the Certification and Agreement for funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
2) The total amount of funds Vanderbilt has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students is $2,816,212.
3) The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(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) is $2,816,212.
4) The estimated total number of students at Vanderbilt eligible to participate in programs under Section 484 in 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 5,147.
5) The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act is 2,561.
6) The method(s) used by Vanderbilt to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act are outlined below:
- In alignment with the recommendations from Secretary of Education, Betsy DeVos, Vanderbilt distributed the funds to Title IV aid-eligible students with an expected family contribution (EFC) of $11,225 or less, i.e., to those students with the greatest identified need. In addition to the EFC of $11,225 or less, each undergraduate recipient must have received aid in the spring and each graduate or professional recipient must have received federal loans in the spring. This approach provides aid to approximately 20% of Vanderbilt’s students.
7) Instructions, directions, or guidance provided by Vanderbilt to students concerning the Emergency Financial Aid Grants, included the following:
Eligible students were notified they would:
- Receive an award (emergency financial aid grant) through CARES Act funding provided to the university.
- The amount of the award.
- The award/refund would be generated from individual student accounts and provided via direct deposit.
- For those who do not have direct deposit, a check will be mailed to the student’s home address.
Vanderbilt University has also received additional funding based upon Section 18004(c) of the CARES Act. Vanderbilt’s final Quarterly Budget and Expenditure Report, dated 10/30/2020, can be found here.