STVT acknowledges that it has signed and returned to the US Department of Education the CARES Act Higher Education Emergency Relief Fund Certification and Agreement and STVT intend 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 STVT has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students is $727,560.00.
The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of:
June 29, 2020 – $392,370.00
July 22, 2020 (30-day Report) – $553,146
August 21, 2020 – $635,448
September 5, 2020 (45-day Report) – $635,448
September 11,2020 – $727,561.47
The estimated total number of students at STVT 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 under Section 18004(a)(1) of the CARES Act is 380 students.
The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act as of:
June 29, 2020 – 205 Students
July 22, 2020 (30-day Report) – 289 Students
August 21, 2020 – 322 Students
September 5, 2020 (45-day Report) – 322
September 11, 2020 – 322
The method(s) used by STVT to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act is as follows:
- The total amount of funds received ($727,560.00) was divided by the estimated total number of student eligible to participate in the program (380 students) to determine the initial award amount of $1,914.00
- A CARES Act – Higher Education Emergency Relief Fund (HEERF) Emergency Financial Aid Grants – Student Certification Form was electronically sent to the students determined eligible to receive a grant to complete on the student portal.
- Students were asked to attest to the eligibility requirement of having expenses related to the disruption of campus operation due to COVID-19.
- Students who completed the form and attested to having expenses met the eligibility requirement to receive the emergency financial aid grant and were asked to certify their understanding of the grant program and the accuracy of their response.
- A deadline of August 21, 2020 was set to complete the Student Certification Form. The deadline was then extended until August 28, 2020.
- Once Emergency Financial Aid Grants were awarded to eligible students, the total amount of funds remaining ($92,112.00) was divided by the remaining number of students eligible to participate in the program (157 students) to determine the second award amount of $586.71.
As follows please find additional instructions, directions, and/or guidance for students concerning the Emergency Financial Aid Grants:
All eligible students will receive their grant through Bank Mobile based on their current refund preference. As a reminder Bank Mobile offers three options to students when processing refunds:
- Deposit to a Bank Mobile Checking Account
- Deposit to a personal Financial Institution/Bank
- Refund sent via paper check
Students who would like to verify and/or change their refund preference can log into their account at https://bankmobilevibe.com/ or contact the Financial Services Call Center at 1-866-801-1658 for assistance.
Students who do not have an account with Bank Mobile can call 1-866-801-1658 to speak with a Financial Services Officer or visit the Financial Aid Office at your institution to set up your account.
HEERF Institutional Quarterly Budget and Expenditure Reporting 10.30.20
HEERF Institutional Quarterly Budget and Expenditure Reporting 1.10.21