On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This stimulus bill included financial provisions for higher education institutions and their students to offset costs incurred by the COVID-19 pandemic and subsequent closures. 

To access and distribute these funds, on May 22, 2020, Peirce signed and returned a Certification and Agreement to the U.S. Department of Education that states that the College will use 50 percent or more of this funding under Section 18004(a)(1) to provide emergency financial aid grants to students. Below is additional information regarding Peirce’s plan for fund distribution, as well as other required information.

• Peirce College received a total of $305,695 for Emergency Financial Aid Grants to Students
• The total amount that Peirce College distributed in Emergency Financial Aid Grants, under Section 1800(a)(1) of the CARES Act, on June 29, 2020 is $305,695.
• The estimated number of students 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 to students under Section 18004(a)(1) of the CARES Act (verified via FAFSA submission): 914 students
• The total number of students who received an Emergency Financial Aid Grant on June 29, 2020: 914 students
• Recognizing that all eligible students have been impacted by the disruption to campus operations due to the Coronavirus, Peirce has determined a standard amount for each Emergency Financial Aid Grant in the amount of $334.46.

Peirce College used the following Guiding Principles and Eligibility Requirements to determine Emergency Financial Aid Grants for students.

Guiding Principles

• To provide emergency financial aid grants to students for expenses related to the disruption of campus operations due to the coronavirus.
• To ensure that aid is distributed in an expedient manner, so students experiencing financial hardships are not further burdened by their unexpected educational expenses.
• To facilitate the continuation of learning and degree completion by Peirce’s adult student population.

Peirce College Plan

Who is eligible:

• Students enrolled in a degree (A.S., B.S. or M.S.) or certificate program for the spring 2020 semester and who were affected by the disruption of campus operations; and
• Students who are eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965.   

What expenses are covered: 

• Technology needs and necessary upgrades, including but not limited to computers, printers, scanners, and increased level of internet service
• Increased utility costs, including but not limited to electricity usage
• Supplies, including but not limited to paper and printer ink 

Grant amount for each student: $334.46

Students were instructed to use these funds to cover expenses related to the disruption of their educational experience as outlined above. Per the instructions from the Internal Revenue Service, these funds are not taxable.

Questions about Emergency Financial Aid Grants should be directed to Feedback@peirce.edu.

Published: August 17, 2020