PUBLIC INFORMATION REQUIRED BY THE CARES ACT

CARES Act School Notification 7-1-2020

Implementation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act Higher Education Emergency Relief Fund (HEERF) Student Emergency Grant
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Long Island Business Institute (LIBI) is required to post the following information:

The following information must appear in a format and location that is easily accessible to the public 30 days after the date when the institution received its allocation under 18004(a)(1) and updated every 45 days thereafter:

  • An acknowledgement that the institution signed and returned to the Department the Certification and Agreement and the assurance that the institution has used, or intends to use, no less than 50 percent of the funds received.
  • The total amount of funds that the institution will receive or has received from the Department
  • The total amount of Emergency Financial Aid Grants distributed to students.
  • The estimated total number of students at the institution 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.
  • The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.
  • The method(s) used by the institution to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act.
  • Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.1. LIBI has signed and returned to the U.S. Department of Education the required Certification and Agreement for receipt of CARES Act funding. LIBI intends to 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.
    The CARES Act provides several different methods for distributing roughly $14 billion in funds to institutions of higher education. The most significant portion of that funding allocation provides that $12.56 billion will be distributed to institutions using a formula based on student enrollment. Of the amount allocated to each institution under this formula, at least fifty (50) percent must be reserved to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations due to the coronavirus pandemic. Colleges should not assess any institutional charges and must make these funds available to students to cover student expenses related to the disruption of campus operations due to coronavirus, such as food, housing, course materials, technology, health care, and child-care expenses.
    The remaining fifty (50) percent can be used for institutional expenses due to the disruption of the coronavirus pandemic, to facilitate distance education, and to award additional grants to students. Institutions will be able to use the institutional Grant funds to cover costs associated with significant changes to the delivery of instruction due to the coronavirus. The institutional Grant funds must be spent only on those costs for which the institution has a reasoned basis for concluding such costs have a clear nexus to significant changes to the delivery of instruction due to the coronavirus pandemic. It is permissible for the institution to use the funds for Institutional Costs to reimburse itself for costs related to refunds made to students for housing, food, or other services that the institution could no longer provide, or for hardware, software, or internet connectivity that the institution may have purchased on behalf of students or provided to students.2. The total amount of funds that LIBI has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students:
    Total: $1,821,234
    Student Allocation: $910,617
    Institutional Allocation: $910,617Agreement Before Funds Can Be Accessed: In order to access these funds, institutions must sign and return the Recipient’s Funding Certification and Agreement via grants.gov (https://www.grants.gov/web/grants/applicants/registration.html), acknowledging the terms and conditions of the funding. After the U.S. of Department of Education has received the Certification and Agreements, institutions may draw down their emergency assistance funds using the Department’s G5 system.
    LIBI completed the Certification and Agreement and on April 25, 2020 received funds for the Student Emergency Grant portion. LIBI also submitted Certification and Agreement for the Institutional portion of the Grant. Guidelines required completion and submission of the CARES HEERF Certification and Agreement for the Student Emergency Grant portion before submitting the CARES HEERF Certification and Agreement for the Institutional portion of the HEERF Funds.3. The estimated total number of LIBI 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: About 1000 LIBI students should qualify to participate.4. The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act: Allocations will begin between June 1 and July 15, 2020 to students enrolled in the spring and summer 2020 semester who met the eligibility criteria as of May 2020.5. The methodology used by to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act is as follows:LIBI assumes that all degree-seeking enrolled students incurred some level of expenses related to the disruption of campus operations and courses moving to a remote learning format due to the pandemic, such as food, housing, course materials, technology, health care and childcare expenses.

    Although LIBI understands that all students have added financial needs during this unprecedented time, the college must ensure that the greatest number of students in financial distress are served first. The college aims to distribute the funds in a way that matches the allocation methodology of the Department of Education; awarding more to students demonstrating high need based on EFC.

    We are receiving an increased number of inquiries from students with higher EFCs who have lost their jobs due to the pandemic, please note: Expense v. Need: HEERF-student share dollars are to aid students for expenses related to the disruption of campus operations due to the coronavirus; this is different than a change in a student’s financial need due to COVID-19, which could be a result of a loss of income rather than new expenses. LIBI will consider (on a case-by-case basis) providing emergency grants to students with low EFCs if they can demonstrate that they have added financial obligations and expenses caused by the disruption of campus operations due to COVID-19.

    Awards will be made in the following grant amounts: $250, $500, and $750. LIBI has created separate funding pools for Pell recipients and non-Pell recipients to ensure we prioritize students with the greatest needs from both categories. This is in keeping with the US Department of Education requirements and funding allocations.

    All active students received emails notifying them of the availability of the grant with a link to the application. Students must submit electronic applications using their LIBI email addresses.

    Funding Methodology
    LIBI is guided by two principles when distributing these funds: equity and timeliness.
    The college aims to ensure access for the greatest number of students in need without creating an overly burdensome and complicated application system. All administrative efforts will be made to give priority processing to students who are experiencing extenuating financial hardships that disrupt their access to education and who lack the financial means to cover these finances.

    Non-Title IV eligible Students: As instructed by USDE, non-Title IV eligible students will not receive any portion of this allocation. However, Non-Title IV eligible students may still apply for institutional grants that are available from the college.

    Section 484 of the HEA states that Title IV eligible students must:

  • Be enrolled or accepted for enrollment in a degree or certificate program.
  • Not be enrolled in elementary or secondary school.
  • For currently enrolled students, be making satisfactory academic progress.
  • Not owe an overpayment on Title IV grants or loans.
  • Not be in default on a Title IV loan.
  • File “as part of the original financial aid application process” a certification that includes
  • A statement of educational purpose.
  • Student’s SSN.
  • Be a U.S. citizen or national, permanent resident, or other eligible noncitizen.
  • Have returned fraudulently obtained Title IV funds if convicted of or pled guilty or no contest to charges.
  • Not have fraudulently received Title IV loans in excess of annual or aggregate limits.
  • Have repaid Title IV loan amounts in excess of annual or aggregate limits if obtained inadvertently.
  • Have Selective Service registration verified.
  • Have Social Security Number verified.
  • Not have a federal or state conviction for drug possession or sale, with certain time limitations.
  • To confirm your eligibility for Title-IV aid, complete a 2019-2020 or 2020-2021 FAFSA, for free, at https://studentaid.gov/h/apply-for-aid/fafsa.Disbursements will be made by check directly to the student. Allocations will begin between June 1 and July 1, 2020 to students enrolled in the summer 2020 semester who met the eligibility criteria as of May 2020. About 30% of the Student portion of Higher Education Emergency Relief Fund will be distributed to students enrolled in the spring 2020 and summer 2020 semesters, on a rolling-basis, as we receive ISIRs from students who may meet the eligibility criteria in section 484 of Higher Education Act since May 2020.
    Students that are degree-seeking, matriculated, enrolled in spring 2020 and summer 2020 term, that are permanent residents, citizens or eligible non-citizens, who have not filed the FAFSA, will be encouraged to file a FAFSA as soon as possible. These students received a communication requesting to file the FAFSA to assess their eligibility.Please Read BEFORE you apply:
    This grant has been provided to assist students with unexpected expenses related to campus disruption as a result of COVID-19 and the transition to all distance learning. These eligible expenses include but are not limited to:
  • Technology needs
  • Course materials
  • Food
  • Housing
  • Healthcare
  • Child careYou must agree to use the funds to cover expenses related to the disruption of campus operations due to coronavirus. If you applied for the emergency grant but you do not meet the above expenses, you must send an email to the Financial Aid office to the attention of Li Zhu at lzhu@libi.edu.DOE Frequently Asked Questions:
    https://www2.ed.gov/about/offices/list/ope/heerfstudentfaqs.pdf.pdf
    IRS FAQ information:
    https://www.irs.gov/newsroom/faqs-higher-education-emergency-relief-fund-and-emergency-financial-aid-grants-under-the-cares-act
    NASFAA COVID-19 Reference Page:
    https://www.nasfaa.org/covid19_heerf

 

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