Marquette University is receiving at least $3,323,368 in emergency financial aid grants for students amid COVID-19, according to Department of Education data.
This allocation is a part of the CARES Act, an economic relief bill in response to the new coronavirus pandemic. The act will allocate $2.2 trillion in support to individuals and businesses impacted by the virus. Marquette University is expected to receive up to $6,646,735 in total aid. Other universities will receive varying amounts.
“While we are grateful for any support during these challenging times, such relief will only cover a portion of our losses caused by the pandemic,” university spokesperson Chris Stolarski said in an email. “The reduction in our room and board revenues combined with other lost revenues and additional expenses related to the pandemic has resulted in an immediate short-term financial shortfall of approximately $15 million.”
In exchange for funding, universities must use no less than 50% of funds received “to provide emergency financial aid to student borrowers who have unanticipated expenses associated with the disruption of learning on campus.”
Funding may not be used for payments to “contractors designed for pre-enrollment recruitment activities, endowments and capital outlays associated with facilities related to athletics, sectarian instruction or religious worship.”
The university must, to the greatest extent possible, continue to pay its employees and contractors during the period of any disruptions or closures related to coronavirus.
This story is developing.
This story was written by Annie Mattea. She can be reached at [email protected].
