Updated May 12, 2020, at 6:51 p.m. to include information on grant amount.
Students eligible to receive emergency financial aid grants from the Coronavirus Aid Relief and Economic Security Act were contacted by the Office of Financial Aid by email on May 12. The CARES Act, which is part of the national response to financial impact due to the coronavirus, provided Elon University with over $2.9 million in federal aid, half of which is required to be used for emergency student relief.
According to the University coronavirus website, the amount of aid students will receive will vary upon their level of financial need. The money will be given directly to students via direct deposit or check. Students who are Pell grant recipients will receive an “even distribution” of $1,000, according to Owen Covington, director of Elon University News Bureau.
According to an announcement made by the Internal Revenue Service, the money is distributed as a grant, not a loan, which means students will not have to pay back the funds they receive. The fund will also not be included in the gross income of students, which means students are not able to claim any deduction or credit for expenses paid with the relief funds when filing taxes.
Students eligible to receive CARES Act funds need to submit a verification form by May 26. The form, available on OnTrack, allows eligible students to request funds based on the expenses they incurred. Those expenses could be tuition, food, housing, course materials, technology, health care, child care and loss of income due to the coronavirus pandemic. The grants can be used to cover past or future expenses due to the coronavirus pandemic.
Once approved, students will be administered funds by the Office of Financial Aid. Once approved, the Bursar’s Office will then distribute the grant.