Home News GAO Report on CARES Act Provides Update on Status and Use of Funds – NASFAA

GAO Report on CARES Act Provides Update on Status and Use of Funds – NASFAA

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With more reporting data now readily available, the Government Accountability Office (GAO) has issued a new report on how institutions have utilized funding provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

In this latest installment, the agency examined how funds from the Higher Education Emergency Relief Fund (HEERF) were provided to schools under the CARES Act, and how schools distributed those emergency dollars to eligible students.

As of November 2020, GAO found that the Department of Education (ED) had awarded $6.19 billion to 4,778 schools that applied for emergency student aid funds from HEERF.

Of those funds, $3.1 billion was allocated to public four-year schools, $1.3 billion to public two-year schools and $1.1 billion to private nonprofit four-year schools. Within the total pot of funding, $372.8 million and $167.7 million was respectively allocated to private for-profit two- and four-year institutions.

The latest education data then showed that, as of November 2020, schools had drawn down about 90% — or $5.6 billion — of their HEERF student aid funds, with the average grant amount per student being about $830. About 70% of schools had drawn down all of their student aid funds, and an additional 24% of schools had drawn down at least half.

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