Cares Act Grant Funds
May 1, 2020
Milan Institute has received an allocation of funds under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to our students. These funds will be received in the coming weeks and distributed to our students in accordance with the Certification and Agreement signed and returned to the U. S. Department of Education. Milan has already advanced payments to our active students for the first month and expects to continue these payments for the coming months to assist with expenses related to the disruption of the training as a result of the COVID-19 pandemic. Milan Institute has been awarded funds as follows:
Basis for Grant Amount Paid to Students
All Title IV eligible students are impacted who are attending during the declared disaster period. The population impacted by the COVID-19 pandemic includes students who were active on March 27, 2020, or began attending prior to June 1, 2020. The impact of actions such as shelter at home, curfews, the closing of businesses has created financial hardships for all students who have moved to online learning. A review of the active population on April 14, 2010, revealed 72% of the students had a $0 EFC and 27% were eligible for a portion of a full Pell award with only 1% being not eligible for Pell Grant.
To make the grant funds available to all Title IV eligible students who are attending during the declared disaster period Milan will pay a monthly amount to each eligible student for as long as funds are available thru the Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This amount is based on the total allocation for each group and the number of students who are eligible to benefit from the Cares Act funds. The monthly stipend represents approximately 16%-22% of the indirect costs included in the student’s Cost of Attendance and would be a fair representation of the increased cost for items such as childcare, food, internet, and supplies needed for study at home.