Capstone College OPE ID 030199-00 received education stabilization funds under Section 18004(a)(1) of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Public Law No: 116-136. This Fund Report applies to the student portion received under the Higher Education Emergency Relief Fund that is designated exclusively for emergency financial aid grants to students. The institution is making the below information available for transparency purposes and in compliance with the U.S. Department of Education’s (“Department”) Electronic Announcement of May 6, 2020.

For questions or concerns regarding this Fund Report, please contact Mark Hecht, Financial Aid Director, mhecht@capstonecolleges.com. The college received its allocation on April 25, 2020. The initial notice is required to be posted 30 after that date and updated every 45 days thereafter.

The institution signed and returned to the Department the Certification and Agreement for Emergency Financial Aid Grants to Students. The institution has used, or intends to use, no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide emergency financial aid grants to students.

The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students is $31,231. The total amount of emergency financial aid grants distributed to students under Section 18004(a)(1) of the CARES Act as of the date of this Fund Report is $31,266. The allocation has been fully awarded and disbursed. The estimated total number of students at the institution 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 under Section 18004(a)(1) of the CARES Act, as of the date of this Fund Report is 61. The total number of students who have received an emergency financial aid grant under Section 18004(a)(1) of the CARES Act as of the date of this Fund Report is 47.

Every attempt was made to provide as much as possible to as many affected students as possible. The school provided funds in 2 rounds. The first round concluded May 6, the second round concluded May 20. The institution determined which students receive emergency financial aid grants and how much they would receive under Section 18004(a)(1) of the CARES Act as follows:

All students who were active at any time from March 13 through May 20.

Students with an EFC of 20,000 or below.

Group 1: Students who applied by May 6, 2020 who put on the current year FAFSA that they lived off campus not with parents were awarded $850. Students who put on the current year FAFSA that they lived with parents were awarded $450.

Group 2: Students who applied by May 20, 2020 were awarded a prorated amount at 52.5% using the above criteria as funds are limited. Students who put on the current year FAFSA that they lived off campus not with parents were awarded $446. Students who put on the current year FAFSA that they lived with parents were awarded $236.

Instructions, directions, or guidance provided to students concerning the Higher Education Emergency Relief Grant

Students were notified of the availability of the Emergency Relief Grant by the school via email. Students were instructed to complete the application attached to the email. Students on LOA or who had already graduated were also notified. All students were encouraged to apply. Any students that did not fill out the FAFSA were similarly encouraged to apply. Students that had not applied after 2 weeks were reminded via follow up email, text, and phone call and encouraged to apply.

FAQ

What is the HEERF CARES Act Emergency Student Grant?

The Higher Education Emergency Relief Fund (HEERF) is part of the federal government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides emergency grants from the U.S. Department of Education to eligible students to help cover education-related expenses caused by the COVID-19 pandemic. The CARES Act directs recipients to use the funds they receive for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations resulting from the coronavirus. These include expenses for food, housing, course materials, technology, health care or childcare.

Who is eligible to receive CARES Act Emergency Student Grants?

Is there an application process?

When will qualifying students be notified of their selection status and the amount of their grants?

How did the college determine the amount that students will receive?

Will receiving a grant through the CARES Act HEERF Student Emergency Grant affect my student financial aid?

Will receiving a grant through the CARES Act Emergency Student Grant affect a student’s regular financial aid?

Are CARES Act Emergency Student Grants taxable?

Can CARES Act Higher Education Emergency Relief Funds Be Used To Pay a Student’s Outstanding Balance?

If a student receives a CARES Act Emergency Grant and subsequently withdraws from the college, will they have to return the grant?

HEERF Quarterly Reporting