CARES ACT QUARTERLY REPORTS
Information Related to the CARES ACT for Students – FINAL
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 under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students.
- $1,791,845.00 – amount awarded to the institution in the student portion of the CARES ACT funding.
- ** $103,135.68 – combination of funds from the institutional portion of the funding, along with Federal Work Study funds and FSEOG funds transferred and used ad emergency grants.
The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of the date of submission (i.e., as of the 30-day Report and every 45 days thereafter).
- $1,894,980.68 as of June 8, 2020 **
- $1,759,397.61 as of May 20, 2020
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.
- 2,396 as of June 8, 2020
- 2,222 as of May 20, 2020
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.
Northeast Mississippi Community College determined which students were eligible based on guidelines established by the U.S. Department of Education. Those guidelines stipulated that current students as of March 13, 2020, excluding fully online students, who were eligible to apply for financial aid under Title IV programs were eligible to receive emergency grants under the CARES Act. The college developed an application process for students who had not completed the Free Application for Federal Student Aid (FAFSA) to self-certify to prove their eligibility for grants under the CARES Act. Eligible students received a pro-rata portion of the emergency grants based on the number of credit hours for which they were enrolled as of March 13, 2020 (capped at 12 hours, which is full-time enrollment), with a minimum of three hours enrolled. Based on the proration calculation, students received the following amounts based on enrolled credit hours:
- 12 hours $830.10
- 11 hours $760.93
- 10 hours $691.75
- 9 hours $622.58
- 8 hours $553.41
- 7 hours $484.23
- 6 hours $415.05
- 5 hours $345.88
- 4 hours $276.70
- 3 hours $207.53
Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides economic relief to students who incurred expenses related to the disruption of campus operations due to coronavirus (including eligible expenses under a student’s cost of attendance, such as food, housing, course materials, technology, health care, and child care).
Northeast Mississippi Community College is committed to providing this economic relief money directly to our students in as transparent and expeditious a manner as possible. Undoubtedly, there will be questions regarding who is eligible to receive these funds, how the money will be distributed to students, and how receipt of CARES Act funding may impact a student’s other finances. Please see the FAQ’s below.
**Recipients of this email are qualified and will receive funds in the next couple of days.**
What are the eligibility criteria to qualify for CARES Act funding?
Based on guidance provided by the Department of Education, students must meet the following eligibility parameters to qualify for CARES Act funds:
- Be eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965, as amended. (e.g., be eligible to receive federal financial aid funds such as the Pell Grant, TEACH Grant, Direct Loans, etc.).
- Not enrolled in an exclusively online program or classes on or prior to March 13, 2020.
- Be a degree-seeking student enrolled in 1 or more credit hours (excluding Life Learning Skills classes (LLS)) for the Spring 2020 term.
Do I have to pay this money back?
No. Any funds a student receives from the CARES Act will not need to be repaid.
Is money received from the CARES Act considered taxable income?
The Internal Revenue Service (IRS) has announced that emergency financial aid grants under the CARES Act for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations on account of the COVID-19 pandemic are qualified disaster relief payments under section 139 of the Internal Revenue Code. This grant is not includible in your gross income.
I got this money as a refund. Does this mean my NEMCC account balance has been paid off?
No. Distribution of CARES Act funds is made directly to students and not applied by the college toward any outstanding balances that may still be owed by the student. As such, receipt of these funds does not indicate the recipient has satisfied their financial obligations to Northeast Mississippi Community College for any debts incurred during the spring 2020 term or any terms prior. Please check your current account balance to determine what you may still owe.
How will I receive my funds?
Later this week we will begin the process of issuing emergency grant funds through the college’s normal refund process through BankMobile. Therefore, if you already have direct deposit set up, or have a BankMobile account set up, you will receive your emergency grant funds in the same way.
If you normally do not receive a refund or have not set up direct deposit or a BankMobile account, you have a short window of time in order to do so. These are the fastest and most reliable ways to receive your refund, as you do not have to wait for your check to arrive through regular mail, which we have had much trouble with lately.
If you need to make or change your refund selection go to www.refundselection.com and follow the instructions. If you do not have your personal code, you can request an updated personal code through this website. If you choose either the direct deposit or Bank Mobile account option, you will receive the funds within 2-3 business days of it being processed by the college. If you opt for a paper check, funds should reach you in 5-7 business days by regular mail if you choose that option. However, if you do not make selection, the default is receiving a paper check by regular mail, and it could take up to 3-4 weeks in order for you to receive it. Checks will be mailed to the address students have provided to the college.