Financial Aid

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8/26/20 4:07 p.m.

Final Awarding

8/26/20 4:07 p.m.

Step Two Allocation Continued

A Penn College CARES Act Committee continued to review requests submitted via the Emergency Financial Assistance Request for COVID-19.

  • June 30, 2020 – $4,000 was disbursed across 4 students
  • July 16, 2020 – $500 was disbursed to 1 student.

Step Three – Final Awarding

Upon completed review of all requests submitted via the Emergency Financial Assistance Request for COVID-19 forms in Step Two, an additional across the board award was finalized. This award was designated for all students eligible for the Step One $500 and $750 award who did not submit an additional request through the Step Two process. 

  • July 24, 2020 – $289,194 was awarded to 3,514 students.

A check in the award amount was mailed to the permanent address provided by the student in their SIS account. A notification of the award was sent on this same day to the student’s PCT email address. 

All Cares Act funding has been awarded as of Friday, July 24.

7/1/20 4:53 p.m.

Step Two allocation

7/1/20 4:53 p.m.

On May 8, 2020 Penn College began reviewing student requests for additional CARES Act assistance through a Step Two allocation. Step Two allowed students to itemize their eligible expenses through an online secure request form. Each request was reviewed by a Penn College CARES Act Committee to determine if the expenses met CARES Act eligibility requirements.

  • May 28, 2020 – $92,225 was disbursed across 106 students.
  • May 29, 2020 – $885 was disbursed to 1 student.
  • June 4, 2020 – $6,170 was disbursed across 5 students.
  • June 25, 2020 – $68,511 was disbursed across 62 students.

All eligible students were sent an email outlining their eligibility status and amount to be awarded prior to the mailing of funds.

5/28/20 9:05 a.m.

CARES Act – Emergency Financial Aid Grants to Students Required Report

5/28/20 9:05 a.m.

The information below is being made available in accordance with the guidance, posted on May 06, 2020, by the Office of Postsecondary Education of the U.S. Department of Education, relating to required reporting on Coronavirus Aid, Relief, and Economic Security Act (CARES) Act Higher Education Emergency Relief Fund (HEERF) grants to students. Updates about the allocation of funds will be posted every 45 days until all funds are disbursed.

  1. Pennsylvania College of Technology submitted the Certification and Agreement form to participate in this funding program on April 16, 2020. Penn College acknowledges its assurance that it intends to use no less than 50% of the funds received to provide Emergency Financial Aid Grants to students.
  2. On May 8, 2020, Penn College received $2,670,735 for Emergency Financial Aid Grants to students.
  3. As of May 9, 2020, Penn College distributed $2,209,250 to students eligible for these grants.
  4. Penn College estimates that 3,641 students are eligible to participate in programs under Section 484 of Title IV of the Higher Education Act of 1965, and are therefore eligible to be considered to receive Emergency Financial Aid Grants.
  5. As of May 9, 2020, Penn College distributed Emergency Financial Aid Grants to 3,641 eligible students.
  6. To better understand the impact on our students, Penn College administered a COVID-19 Financial Impact Survey that all currently enrolled students were invited to complete. A plan, grounded in our ability to aid the greatest number of eligible students, was created. Criteria for eligibility for funds included that a student:
    • Must be enrolled in a degree-seeking or clock-hour program.
    • May not be enrolled in a fully distance education program.
    • Must be making Federal Satisfactory Academic Progress (SAP).
    • Must not be in default on a Title IV loan.
    • May not be an international or undocumented student.
    • Must have been enrolled as of the end of the day March 23, 2020.
    • Must be Title IV eligible, as determined by a finalized 2019-20 FAFSA and a completed 2019-20 Penn College Financial Aid Authorization.

    Penn College’s allocation of the CARES Act funds was used to provide a standard emergency CARES Act Grant in the amount of $500 to all students who met the criteria stated above. The award was increased to $750 for each eligible student who was awarded a Federal Pell Grant for Spring 2020. These awards total $2,209,250. The College reserved approximately $460,485 for a Step Two allocation process that will allow eligible students to request additional assistance.
  7. The following guidance was provided by Penn College to students concerning the Emergency Financial Aid Grants:
    1. All currently enrolled students received an email on Wednesday, May 6, 2020, outlining the College’s decision-making and allocation processes.
    2. All students eligible for funding received an email on Wednesday, May 6, 2020.
    3. All email correspondence referenced the College’s COVID-19 Financial Aid Information page for additional information.

Financial Aid

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