30-Day Fund Report
As of May 18, 2020
Transylvania University reports the following details required by the U.S. Department of Education for the Emergency Financial Aid Grants to students in compliance with the Higher Education Emergency Relief Fund (HEERF) under Section 18004(a)(1) of the CARES Act.
- An acknowledgement 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.
- Transylvania acknowledges that the institution signed and returned to the Department the Certification and Agreement and provides 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 the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Student.
- TheDepartment of Education allocated $439,443 to Transylvania for emergency grants to students. Of this amount, $422,584 has been received to date.
- 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).
- Transylvania has distributed $422,584 to students to date.
- The estimated total number of students at the institution 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.
- An estimated 891 Transylvania students are eligible to participate.
- The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.
- Transylvania disbursed Emergency Financial Aid Grants to 891 students.
- The method(s) 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.
The University developed a methodology to disburse these grants to students that allowed funds to be disbursed in the spirit of guidance provided by the Department of Education. Specifically, our methodology was to provide emergency grants to eligible students (a) quickly; (b) to those with greatest need and (c) ensuring that funds are distributed as widely as possible. With that as background, the following is the specific way the institution determined which students would receive an Emergency Financial Aid Grant and how much they would receive.
- Each eligible full‐time Transylvania student who received a federal Pell Grant for the Winter 2020 term received $1,000.
- All other eligible full‐time, degree‐seeking students eligible to file a Free Application for Federal Student Aid (FAFSA), whether they filed one or not, received $250.
- Students with additional/exceptional need were encouraged to apply for additional emergency grant funding for eligible expenses.
- Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.
- On April 14, 2020, in an email to all students and in a blog posted to the University’s COVID-19 web site, the University announced that students would receive CARES grants (Transylvania University students will receive emergency funds as a result of the recently approved Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Act provides federal aid to institutions of higher education to help students cover expenses related to the disruption of campus operations due to COVID-19 through emergency grants.)
- In that same email and blog, the distribution method was described. (Each full-time Transylvania student who receives a federal Pell Grant for the current term will receive $1,000 from the CARES Act funding. All other full-time, degree-seeking Transylvania students who were eligible to file a Free Application for Federal Student Aid (FAFSA), whether they filed one or not, will receive a $250 CARES Act grant. These are one-time grants from the federal government and do not require any repayment. Following the initial distribution of funds to eligible full-time students, individual students with more significant needs will be able to apply for additional funding in accordance with the guidelines issued by the U.S. Department of Education using the university’s online emergency grant application.)
- In an email on April 24, 2020 Transylvania notified student grant recipient of the grant disbursements, stating that the CARES Act grant from the federal government had been distributed to them either by direct deposit to their bank account or by check and that it is intended to provide relief and does not require any repayment.