On March 11, 2021, the American Rescue Plan Act (ARP) appropriated approximately $39.6 billion for the Higher Education Emergency Relief Fund (HEERF III) and represents the third stream of funding appropriated for HEERF to prevent, prepare for, and respond to coronavirus. At least half of an institution’s allocation under ARP (a)(1) must be used to make Emergency Financial Aid Grants to students (the Student Aid Portion); the remainder may be used for institutional purposes (Institutional Portion).
Baylor College of Medicine (“Baylor” or “the College”) was allocated a total of $1,131,511 under the ARP. Of this amount, $565,756 was awarded to distribute Emergency Financial Aid Grants to students and $565,756 was awarded for institutional purposes as defined by the Act.
As of Sept. 30, 2021, Baylor distributed Emergency Financial Aid Grants under ARP to 167 students totaling $503,000 and has drawn $462,000 of these funds. The College utilized an application process to determine which students were to receive an Emergency Financial Aid Grant and the amount they would receive under ARP.
- Approximately 1670 students were notified by email to complete an application during the application period of July 29 through Aug. 4, 2021.
- All students who were currently enrolled in a Baylor College of Medicine degree-granting program and who submitted an application were eligible to receive a financial assistance grant award.
- Students were informed that the Emergency Financial Aid Grants could be used for any component of the student’s cost of attendance or for emergency costs that arose due to COVID-19.
- Baylor received and reviewed 175 applications and determined, based on the expression of need, the allocation of awards ranging from $2,000 to $6,000.
As of Dec. 31, 2021, the College has drawn $41,000 from the Student Aid portion of the award to fund the remaining balance of these grants.
Baylor distributed a second round of Emergency Financial Aid Grants under ARP to 179 students totaling $393,000 during the quarter that ended Dec. 31, 2021. The total amount was drawn from both the Student Aid and Institutional portions of the award.
An application process was utilized to determine which students were to receive an Emergency Financial Aid Grant and the amount they would receive.
- Approximately 1,670 students were notified by email to complete an application during the application period of September 17, 2021 through September 30, 2021.
- All students who were currently enrolled in a Baylor College of Medicine degree-granting program and who submitted an application were eligible to receive a financial assistance grant award.
- Students were informed that the Emergency Financial Aid Grants could be used for any component of the student’s cost of attendance or for emergency costs that arose due to COVID-19.
- Baylor received and reviewed 189 applications and determined, based on the expression of need, the allocation of awards ranging from $2,000 to $3,500.
As of Dec. 31, 2021, the total Student Aid portion of HEERF III has been received and distributed as Emergency Financial Aid Grants. The College will expend the remaining Institutional Portion to cover costs the College incurred due to coronavirus. The Act stipulates that if the Institutional Portion is not used entirely for emergency financial grants to students, a portion of funds is to be used to: (a) implement evidence-based practices to monitor and suppress coronavirus in accordance with public health guidelines; and (b) conduct direct outreach to financial aid applicants about the opportunity to receive a financial aid adjustment due to the recent unemployment of a family member or independent student, or other circumstances. The College is evaluating the measures it has taken to ensure compliance with these requirements.