CARES Act Student Aid Reporting Information

Diamonds Cosmetology College CARES Act Student Aid Reporting Information (Updated July 16, 2020)   Award No. P425E205053
 

Introduction 
On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), to provide emergency relief funds to organizations and individuals affected by the coronavirus pandemic. The Higher Education Emergency Relief Fund (HEERF), found in Section 18004 of the CARES Act, provides funding to institutions of higher education “to prevent, prepare for, and respond to coronavirus.”   This report provides details on the first award Diamonds Cosmetology College received under the HEERF, the funds for Emergency Financial Aid Grants to students. 

Acknowledgement of Funding and Certification 
Diamonds Cosmetology College signed and returned the U.S. Department of Education’s Certification and Agreement for these funds on June 11, 2020, and received our grant award notification on June 17, 2020. 
In keeping with the terms of the certification, Diamonds Cosmetology College will use no less than 50 % of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants directly to students.
 

Award 
Diamonds Cosmetology College received a total of $149,983 under Section 18004(a)(1) of the HEERF, of which at least 50% or $74,992 will be provided directly to students impacted by campus disruptions due to coronavirus.
 

Funds Awarded to Date
As of July 13, 2020, Diamonds Cosmetology College has awarded $66,470 in direct grants to students. 
 

Student Eligibility 
Diamonds Cosmetology College has an estimate of 44 students 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.  
 

As of July 13, 2020, Diamonds Cosmetology College has distributed Emergency Financial Aid Grants to 39 students under Section 18004(a)(1) of the CARES Act.

Methods Used to Determine Student Eligibility and Emergency Financial Aid Grant Amounts 
The funds were made available to students who were eligible for Title IV federal aid, affected financially by COVID-19, and enrolled at the time the loan was received. Title IV eligibility is determined by way of the FAFSA application. 
Diamonds CARES Act Committee determined that all eligible students were equally affected by the pandemic, since all education was campus based.  The method by the institution to determine how much the students should receive in Emergency Financial Aid Grants was calculated by the total amount of funds available for students divided by the number of eligible students. Based on this calculation, 44 students were eligible to receive a $1704.36 Emergency Financial Aid Grant under the CARES Act. 

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Instructions/Directions Given to Students Concerning Emergency Financial Aid Grants 
July 9, 2020 a text message was sent to all students with instructions and a link to the Student Information Notice on Diamonds website with the guidelines set by the Department of Education for the Higher Education for students Emergency Relief Grant. 
On this notice was a link to a Request for an Emergency Financials Aid Grant form and a message:
‘In order to receive this grant, please complete the form and return to the Diamonds Business Office no later than July 15, 2020.  If you are unable to access the form, please contact the Business Office.’

 

 

CARES Act FAQ

What is the Higher Education Emergency Relief fund and how does it apply to students?
The CARES Act Higher Education Emergency Relief Fund-IHE/Student Aid provides funding to institutions to provide emergency financial aid grants to students whose lives have been disrupted, many of whom are facing financial challenges and struggling to make ends meet due to a disruption in campus-based services and learning.
 

Award 
July 2, 2020, Diamonds Cosmetology College received a Grant under Section 18004(a)(1) of the HEERF.
In keeping with the terms of the Department of Education certification, 50% of the funds received under Section 18004(a)(1) of the CARES Act will be designated to provide Emergency Financial Aid Grants to eligible students.
 

Student Eligibility 
The funds were made available to students who were eligible for Title IV federal aid, affected financially by COVID-19, enrolled at the time the grant award notification was received. and meeting Satisfactory Academic Progress (SAP).  Title IV eligibility is determined by way of the FAFSA application. 
 

Diamonds CARES Act Committee determined that all eligible students were equally affected by the pandemic, since all education was campus based, and would share equally in the allotted student portion of the grant.
 

If a student receives funding, does the funding need to be repaid?
No, funds awarded under this emergency program are tax exempt and do not require repayment.
 

How will I receive my funds if awarded a grant?
In order to receive this grant, complete the following no later than July 15, 2020:

•  Click on this link for the Funding Award Form: www.diamondscosemetology.CARESAct/form 

• Complete the form and return to the Diamonds Business Office no later than July 15, 2020.

• If you are unable to access the form, please contact the Business Office.

 

If you are awarded funds from this grant, a meeting will be scheduled with the Business Office and a check will be given to you. We will process awards as rapidly as possible.

 

If you have questions, please schedule a meeting with the Business Office.