30-Day Report for use of the Higher Education Emergency Relief Fund from the CARES Act.

Overview: Per instructions from the Department of Education, Wesleyan College is required to post information to its website regarding distribution from the Higher Education Emergency Relief Fund from the CARES Act. Posting is required within 30 days of initial receipt of funds and updates every 45 days after.

Reporting Information:

  1. I acknowledge that Wesleyan College signed and returned to the Department the Certification and Agreement and the assurance that Wesleyan College 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.

    Robert L. Moye II, Vice President for Business and Finance/Chief Financial Officer 
     
  2. 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 Students. - 

    $587,801 ($293,901 was authorized in G5 on 04/24/20 and $293,900 was authorized 05/04/20)
     
  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). -

    $289,800 in direct deposit and check payments have been processed. 
     
  4. 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. - 

    422
     
  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. - 

    The Business Office processed 387 individual payments.
     
  6. 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 Wesleyan College Office of Financial Aid calculated an index for distribution based on Estimated Family Contribution (EFC) and Financial Need determined by the 2019-2020 FAFSA. Students with lower EFC and higher Financial Need received larger grants. Students with higher EFC and lower Financial Need received smaller grants.
     
  7. Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.


Example Notice:

Dear Wesleyan College Student,

We are happy to inform you that you are receiving a grant administered jointly between Wesleyan College and the U.S. Department of Education (DoE). These funds will not need to be paid back; however, they may be considered taxable income, and you may receive a 1098 or 1099 next year, depending on guidelines from the federal government.

The funds came from the CARES Act. Following DoE regulations, the Wesleyan College Office of Financial Aid calculated an index for distribution based on Estimated Family Contribution (EFC) and Financial Need determined by the 2019-2020 FAFSA.

Your grant will be deposited according to the direct deposit information we have on file for you. If you have not provided the College with banking information or if you need to update your current banking information, please submit a Direct Deposit Authorization form via WesPortal (Student Tab ? Financial Information). You will have until May 3 to submit or update your banking information, after which the Business Office will begin disbursing the grant funds.

We know how disruptive this global health crisis has been to you, and we hope this grant will bring some relief. I hope you and your family are safe and well. If you have further questions, please contact me at dmiller@wesleyancollege.edu.

Sincerely,

Daniel Miller
Director of Financial Aid

Conclusion:
Wesleyan College is committed to maintaining compliance with the CARES Act and committed to the care and success of its students during and beyond this unprecedented time. 

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