BREAKING: LMU to Receive $4.7 Million Payout from Coronavirus Stimulus

Saturday, April 11, 2020

BREAKING: LMU to receive $4.7 Million Payout from Coronavirus Stimulus, $2.3 Million Earmarked for Emergency Student Financial Aid

By: Raven Yamamoto and Robyn De Leon

According to a report by the Department of Education, LMU will receive a payout of over $4.7 million from the government to offset financial consequences due to the coronavirus outbreak, half of which is earmarked for “emergency financial aid grants to students.” 

Less than two weeks ago, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a bill responding to the economic impact of the COVID-19 crisis. The bill states that nearly $14 billion will be distributed immediately to universities and colleges nationwide and requires each to allocate at least half of their awards to student financial aid in the form of cash grants for “expenses related to disruptions to their educations due to the COVID-19 outbreak.” 

An article by the Chronicle for Higher Education confirms that LMU is among the several colleges nationwide to receive a payout, citing a memo put out by the U.S. Department of Education (DOE). The list states that LMU will be paid $4,723,135 in total, therefore requiring at least $2.3 million to be allocated by the University for student emergency financial aid.

“Each institution may develop its system and process for determining how to allocate these funds, which may include distributing the funds to all students or only to students who demonstrate significant need,” said Secretary DeVos in her letter to college and university presidents.

At the time of writing this, there has been no public communication from the University regarding if these funds have yet been received and how they plan to distribute them. 

The University has not yet responded to our request for comment. Check back for updates as we receive more information. 

Updated as of April 11, 2020 at 12:01 P.M.

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