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The School of the Art Institute of Chicago's (SAIC) Student Financial Services office strives to attract qualified students from diverse economic backgrounds. We think of financing a student’s costs for private higher education as a partnership among the family, the federal and state governments, and SAIC.
Generally, students must be enrolled at least half-time to receive federal aid (including loans) in addition to other eligibility requirements per federal regulations. Students may receive a prorated amount of institutional aid and/or the Illinois State MAP Grant (if eligible) for any enrollment status of 1 credit hour or more, in most cases, in addition to any other eligibility requirements per state and institutional regulations/policies.
Higher Education Emergency Relief Fund Reporting – Emergency Financial Aid Grants to Students – Public Announcement
SAIC signed and returned the Certification and Agreement to the Department of Education for the Higher Education Emergency Relief Fund ("HEERF") emergency financial aid grants.
On July 7, 2020, SAIC received notification from the Department of Education that its application for $1,083,887 in emergency financial aid grants to students was approved for funding under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). As of June 30, 2021, the School has distributed a total of $1,083,887 in CARES Act emergency grants to students, or 827 students have received CARES Act emergency grants. SAIC estimated that approximately 1,900 students were eligible to participate 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. Students were provided the following instructions and guidance concerning CARES Act funding.
On July 17, 2020, SAIC requested that all eligible students complete an online application by August 7, 2020 in order to receive a CARES grant in the amount of $300. Funding decisions prioritized students with the greatest need. Distributions were processed soon after applications were received. Once the application deadline passed, a second round of funding prioritized students with the greatest need. Those students who received the initial $300 remained eligible for additional funding, contingent on their level of need. The entire grant was distributed to eligible applicants in the second round of funding.
On January 19, 2021, SAIC received notification from the Department of Education regarding additional funding of $1,083,887 for emergency financial aid grants to students under the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA), also referred to as HEERF II and CARES II. SAIC estimates that approximately 3,500 students were eligible to receive Emergency Financial Aid Grants to students under the CRRSAA. Department of Education guidelines require that institutions prioritize students with exceptional need for this second round of funding. In May 2021, SAIC began disbursing $1,000 grants to currently enrolled eligible students prioritizing those with exceptional need based on Pell Grant status and Expected Family Contribution. As of June 30, 2021, the School has distributed a total of $943,500 in CRRSAA emergency grants to students, or 942 students have received CRRSAA emergency grants. As of September 30, 2021, the School has distributed a total of $987,500 in CRRSAA emergency grants to students, or 986 students have received CRRSAA emergency grants. As of December 31, 2021, the School has distributed a total of $1,021,537 in CRRSAA emergency grants to students, or 1010 students have received CRRSAA emergency grants. As of March 31, 2022, the School has distributed a total of $1,040,537 in CRRSAA emergency grants to students, or 1,027 students have received CRRSAA emergency grants.
On May 20, 2021, SAIC received notification from the Department of Education regarding a third round of funding totaling $2,897,894 for emergency financial aid grants to students under the American Rescue Plan (ARP), also referred to as HEERF III and CARES III. SAIC estimates that approximately 3,500 students may be eligible to receive Emergency Financial Aid Grants to students under the ARP. As of June 30, 2021, the School has not distributed any of this funding to students. On September 27, 2021, all currently enrolled FAFSA (application for Federal Student Aid) filers received this professional judgement notification. The School plans to award all degree students enrolled for the Fall 2021 semester with grants ranging from $500 to $1,350, prioritizing higher amounts for those with the greatest need based on Expected Family Contribution. As of September 30, 2021, the School has distributed a $1,000 ARP emergency grant to 1 student. As of December 31, 2021, the School has distributed a total of $2,229,663 in ARP emergency grants to students, or 2,499 students have received ARP emergency grants. As of March 31, 2022, the School has distributed a total of $2,489,313 in ARP emergency grants to students, or 2,884 students have received ARP emergency grants.
As of June 30, 2022, the School has distributed a total funding of $4,671,487 in Emergency Financial Aid Grants to 3,438 students, which $1,083,887 in Coronavirus Aid, Relief, and Economic Security Act (CARES Act), $1,065,887 in Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), and $2,521,713 in American Rescue Plan (ARP). For the quarterly period ended June 30, 2022, the School drew down $336,400 in Emergency Financial Aid Grants to 445 students, as presented in this quarterly report.
As of September 30, 2022, the School has distributed a total funding of $4,914,937 in Emergency Financial Aid Grants to 3,798 students, which $1,083,887 in Coronavirus Aid, Relief, and Economic Security Act (CARES Act), $1,081,887 in Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), and $2,749,163 in American Rescue Plan (ARP). For the quarterly period ended September 30, 2022, the School drew down $243,450 in Emergency Financial Aid Grants to 366 students, as presented in this quarterly report.
As of December 31, 2022, the School has distributed a total funding of $4,991,037 in Emergency Financial Aid Grants to 3,932 students, which $1,083,887 in Coronavirus Aid, Relief, and Economic Security Act (CARES Act), $1,083,887 in Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), and $2,823,263 in American Rescue Plan (ARP). For the quarterly period ended December 31, 2022, the School drew down $76,100 in Emergency Financial Aid Grants to 135 students, some of whom had been supported by a prior ARP grant so do not add to the total number of students supported by ARP. SAIC presents this quarterly report for the period ending December, 31, 2022.
As of March 31, 2023, the School has distributed a total funding of $5,018,737 in Emergency Financial Aid Grants to 3,974 students, which $1,083,887 in Coronavirus Aid, Relief, and Economic Security Act (CARES Act), $1,083,887 in Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), and $2,850,963 in American Rescue Plan (ARP). For the quarterly period ended March 31, 2023, the School drew down $27,700 in Emergency Financial Aid Grants to 42 students, some of whom had been supported by a prior ARP grant so do not add to the total number of students supported by ARP. SAIC presents this quarterly report for the period ending March 31, 2023.
Higher Education Emergency Relief Fund Reporting – Institutional Aid
On July 29, 2020, SAIC received notification from the Department of Education that its application for $1,083,887 in Institutional Aid was approved for funding under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SAIC presents this quarterly (and final) report for the period ending September 30, 2020, which fulfills the disclosures required by the US Department of Education in connection with the receipt and disbursement of CARES Act Funding for Institutions.
On January 19, 2021, SAIC received notification from the Department of Education regarding additional funding of $2,166,972 in Institutional Aid under the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA), also referred to as HEERF II and CARES II. SAIC presents this quarterly (and final) report for the period ending June 30, 2021.
On May 20, 2021, SAIC received notification from the Department of Education regarding a third round of Institutional Aid totaling $2,897,893 under the American Rescue Plan (ARP), also referred to as HEERF III and CARES III. For the quarterly report ended June 30, 2021, the School did not draw down any of these funds as presented in this quarterly report. For the quarterly period ended September 30, 2021, the School drew down $4,000 of these funds as presented in this quarterly report. For the quarterly period ended December 31, 2021, the School did not draw down any of these funds as presented in this quarterly report. For the quarterly period ended March 31, 2022, the School drew down $2,893,893 as presented in this quarterly (and final) report.
