TOLEDO, Ohio -- The University of Toledo will receive approximately $13 million dollars as a result of the CARES Act, according to the U.S. Department of Education.
Of that, a minimum of $6.7 million is for emergency cash grants for students at the University of Toledo.
There are more than 22,000 students enrolled at UT, according to the university’s website.
It is unclear how the university plans to use the total funding.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, was passed and signed into federal law in late March to address the economic impact of the COVID-19 pandemic.
Betsy DeVos, the Secretary of Education, announced yesterday that more than $6 billion will be immediately distributed to higher education institutions.
Colleges and universities are required to utilize the $6 billion to provide cash grants to students for disruptions to their lives from COVID-19, according to a press release from the Department of Education.
“We prioritized getting funding out the door quickly to college students who need it most,“ DeVos said. “We don’t want unmet financial needs due to the coronavirus to derail their learning.”
The CARES Act stipulates nearly $14 billion total is to go toward postsecondary schools and its students.
Each institution must certify it will distribute the funds in accordance with the law before it can access the funds. The university will then determine which students will receive the cash grants.
This is a developing story. Check back for updates.