Virginia Tech allocates CARES Act funding to eligible students

Posted: Apr 28, 2020 / 03:13 PM EDT

Updated: Apr 28, 2020 / 10:21 PM EDT

BLACKSBURG, Va. (WFXR) – Funding provided through Coronavirus Aid, Relief, and Economic Security (CARES) Act, Virginia Tech will immediately allocate $9.7 million to emergency financial aid grants for eligible students.

According to a press release from the university, the funds will support the ongoing efforts to assist students who are experiencing financial hardships as a result of the COVID-19 pandemic.

The changes that have been required to prevent the spread of COVID-19 and protect our communities have hit financially vulnerable students and their families especially hard. The $9.7 million CARES financial aid allocation is an important addition to the university’s existing support programs and will be passed directly to students as quickly as we can make it happen.”
Virginia Tech President Tim Sands

The $9.7 million in CARES Act support that Virginia Tech will receive is based on total student enrollment and is also weighted for the number of Pell grant eligible students.

In fall 2019, Virginia Tech had a total enrollment of 29,300 undergraduate students and 7,083 graduate students. There are 4,274 students who are Pell grant eligible, which represents 14.6 percent of total undergraduate enrollment.

Virginia Tech will distribute this additional CARES Act-supported financial aid to both undergraduate and graduate students through a process of formula-driven distributions and expanded individual emergency support.

The formula will consider factors that include Pell grant eligibility and prior-borrowing from direct subsidized or alternative loan programs.

These grants will be awarded as soon as the institution has access to the federal funding.

Grants will be disbursed to student accounts resulting in the issuance of a payment directly to the student. The university will initiate payment to the student by direct deposit to the bank account on file or by check mailed to the student’s permanent address of record.

Students who do not have direct deposit may experience a delay in receiving their payment.