Money going to help students stay in college; schools have up to one year to spend the federal CARES funds
In a story in the May 22 Arizona Republic written by Rachel Leingang, Arizona State University announced that it will not send checks to students affected by the coronavirus pandemic during the spring semester. It has decided to defer its spending of nearly $32 million the federal government gave the school and spend it over the coming year. The money came from the Coronavirus Aid, Relief, and Economic Security Act (CARES).
ASU President Michael Crow told the reporter that the university will instead use the money going forward to help students stay in college. He also told the reporter that he can do this because the school has up to one year to spend the CARES funds.
The decision by ASU is in contrast with other large universities in Arizona, all of which have already paid out some CARES Act funding to their spring students. It is also in contrast with Yavapai Community College, which has already distributed several thousands of dollars in CARES funds to student.
ASU was allotted the largest amount of money of any college in the country at $63.5 million. Of that, $31.8 million must be spent on emergency financial aid grants to students.
You may read all of the story by Rachel Leingang on web by clicking here. Or going here. https://www.azcentral.com/story/news/local/arizona-education/2020/05/22/arizona-state-university-wait-spend-cares-act-money-students/5241176002/.