CARES ACT Student Disbursement FAQ

Q: What is the status of the federal CARES Act funding that Florida Tech has received to support students?

A: Florida Tech is receiving approximately $23 million of funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with up to $10.1 million mandated for use as student emergency financial aid grants.

CARES Act Funding

 

Student Portion

Institutional  Portion

Total Grant

HEERF I

$1,803,823

$1,803,822

$3,607,645

HEERF II

$1,803,823

$5,015,916

$6,819,739

HEERF III

$6,535,803

$6,030,434

$12,566,237

Total CARES Act Funds

$10,143,449

$12,850,172

$22,993,621

 

HEERF I grants have been disbursed to eligible on-ground students who were determined to be adversely affected by the shutdown of campus operations.

HEERF II grants have been disbursed to students who met the following criteria:

  1. Must be registered as a full-time, degree-seeking student in the Spring 2021 semester.
  2. All students will have a completed FAFSA on file with Florida Tech.
  3. All eligible students must have documented need and cannot have their tuition covered by other gift assistance.
  4. Students will be prioritized into four groups based on the difference between their gift aid and spring tuition.

Quarterly Budget and Expenditure Reporting (Oct. 30, 2020)

Quarterly Budget and Expenditure Report (Jan. 4, 2021)

Quarterly Budget and Expenditure Reporting (April 10, 2021)

Quarterly Budget and Expenditure Reporting (July 9, 2021)

Q: How much money will each student receive?

A: Cares Act Disbursements to students by term

Spring 2020 HEERF I CARES

 Amount per studentNumber of students awardedTotal awarded
Main Campus FAFSA Filers $668.97 1837 $1,228,897.89
Main Campus Pell Elig. $818.98 702 $574,925.11
Total   2539 $1,803,823.00

 

Spring 2021 HEERF II CRRSA

 Amount per studentNumber of students awardedTotal awarded
Main or On-Line Needy Gap <6500 $710.00 1014 $719,940.00
Main or On-Line Needy Gap between 6500 and 13000 $1,070.00 887 $949,090.00
Main or On-Line Needy Gap between 13000 and 20000 $1,450.00 82 $118,900.00
Main or On-Line Needy Gap >20000 $1,800.00 10 $18,000.00
Total   1993 $1,805,930.00

 

Q: How are students getting the money?

A: The university’s disbursing agent, ECSI, will oversee direct deposits into students’ bank accounts or mail checks to students at the home address Florida Tech has on file if direct deposit is not an option.

Q: How will I know my deposit or check is this disbursement?

A: When a student receives a payment via direct deposit in their bank account, the description will say, “ECSI As Agent of Refund.” Checks will be mailed in a plain envelope with an ECSI return address. The check inside the envelope is branded with Florida Tech.

Q: Are there restrictions on how students may use their disbursements?

A: Florida Tech is not asking recipients to use this funding in any particular way.

Q: Where can I find additional information the disbursement?

A: Florida Tech’s Financial Aid Office may be contacted for questions related to the emergency financial aid grants. The office can be reached at finaid@fit.edu or 321-674-8070.

Q: What if I want more information on the CARES Act?

A: The best sources for information on CARES Act as it pertains to education are the U.S. Department of Education and two industry groups, NAFSAA (the National Association of Student Financial Aid Administrators) and NAICU (the National Association of Independent Colleges and Universities). You can find the DoE site here, the NASFAA site here, and the NAICU site here