The U.S. Department of Education last week released details on exactly how much money thousands of colleges and universities are receiving out of $21.2 billion in COVID-19 emergency funding signed into law at the end of December.
In total, about $20.5 billion is going to public and nonprofit colleges and universities. Another $681 million is flowing to for-profit, or proprietary, institutions. The money for public and nonprofit institutions is split between funding reserved for student grants and funding that can go toward other institutional costs like lost revenue or paying for technology used in distance education. For-profit institutions are required to use the money for financial aid grants for students.
The exact formula for determining payment amounts is based on relative shares of students receiving federal Pell Grants, which are often used as a proxy for low-income status. One important caveat: amounts listed below might not be the final allocations certain colleges or universities receive. Those who had to pay an excise tax on large amounts of investment income -- the so-called endowment tax -- might have their payment amounts cut.
This money comes after an earlier round of stimulus funding announced in the spring.
Click on the link for the database