Georgia State University awaits over $45 million in federal aid through the CARES Act to help relieve financial burdens and job losses from the coronavirus pandemic, according to an email from President Mark Becker.
“As large as $45,243,852 seems, and it is a lot of money, it is far from enough to meet the challenges we face,” President Becker says.
The act requires the university to allocate a minimum of $22.6 million towards emergency financial aid grants to students. President Beckers says the Office of Student Financial Services will help distribute the money to students in need.
The money will also cover new expenses acquired from the pandemic and “short-term loss” from sources of revenue.
Georgia State is among the top ten beneficiaries of the act, according to a data-table from the U.S. Department of Education.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) offers up to $2 trillion in federal support to families and businesses impacted by COVID-19. The act reserves about $14 billion to assist students and institutions in postsecondary education, a press release from the department says.
The university could face challenges when it comes to future enrollment due to job losses that may make it difficult for students to continue their studies, President Becker says. He also expects the state to lower funding for public institutions because of a reduction in revenues.
“We do not yet know the extent of the impact these factors will have on enrollment and funding, nor do we know the full extent to which the federal government will assist universities and states,” President Becker says.
Universities across Georgia could expect financial burdens due to prorated refunds issued to students.
The University System of Georgia says the unexpected closure of classes led to a loss of $200 million in refunds to students. That amount is expected to rise for the summer semesters.
Despite the obstacles, President Becker remains optimistic, citing historical events the university has already faced.
“The road ahead is uncertain and will continue to unfold before us. There are difficult days ahead, but Georgia State has weathered many challenging situations, including two world wars, the Great Depression, 9/11 and the Great Recession,” President Becker says. “In all of these difficult periods, our university emerged stronger and better able to serve one of the largest and most diverse student bodies in the nation, while also rising in prominence for research and academic excellence.”
In March, the university launched an Emergency Assistance Fund, collecting donations to support students impacted by the pandemic. The fund has already raised over $239 thousand in aid.
On April 14, the University System of Georgia’s Board of Regents approved not to increase tuition for the 2020-2021 academic year.
The university remains to hear from the U.S. Department of Education about when the funds will be sent and how they are to be used.
President Becker invites students to a virtual town hall at 1 p.m. on April 17 to respond to questions and concerns.
Note: This article was written for PRN, the student-led news station at Georgia State University.
