CTS and the CARES Act Year 3
Chicago Theological Seminary has signed and returned to the Department of Education the required CARES Act Certification and Agreement documents and will 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.
CTS received $459,940 in HEERF Round I authorization, including $17,058 in (a)(1) funds and $442,882 in (a)(3) funding. We also received $33,605 in HEERF Round II authorization, including a minimum of $8,529 in Emergency Financial Aid Grants to Students and $25,076 in maximum Institutional funding. In addition, we received $59,393 in HEERF Round III funding, including a minimum of $29,697 in Student Portion and a maximum of $29,697 in Institutional portion.
339 students (approximately 85%) are enrolled in degree programs and are or could be eligible to participate in the Federal student financial aid programs under Section 484 of the Higher Education Act of 1965.
CTS distributed $4,813 in Section 18004(a)(1) Institutional Portion of the CARES Act in the 1st quarter and $3,256 in the 2nd quarter of year three.
Update to Student Portion:
CTS received from HEERF II and III $38,226. As of March 31, twenty-two awards have been made, and the rest of these funds will be awarded within the required timeframe
The method(s) used by CTS to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act as well as any instructions, directions, or guidance provided by CTS to students concerning the Emergency Financial Aid Grants are located at https://www.ctschicago.edu/costs-financial-aid/.
Institutions that accurately report the information listed above will meet the initial reporting requirements. For subsequent reports and reporting for other related HEERF programs, the Department of Education will notify participating institutions of the Department’s preferred reporting method. The Department may choose to collect additional information from institutions in accordance with the reporting requirements stated in Section 18 (e) of the CARES Act and the Certification and Agreement.
For more information on the HEERF, please visit the Department of Education’s Higher Education Emergency Relief Fund page.
Contact Information: If you have questions about the information in this announcement, contact [email protected].