The third COVID stimulus package, The American Rescue Plan Act of 2021, was signed into law by President Joe Biden just a few weeks ago, and we will soon see stimulus checks, among other benefits. The package provides Americans with greater financial relief that ranges from tax credits to unemployment benefits. But students have special reason to celebrate. The latest stimulus package is more inclusive of students and their need for aid at this time.Like the previous stimulus packages, the Consolidated Appropriations Act and CARES Act, college students have the ability to receive emergency financial aid. Unlike the previous bills, however, the amount colleges are getting now is significantly more. In total, schools around the country will be provided with nearly $40 billion in aid. The stimulus package requires that schools give at least half of the amount received to students for emergency financial aid purposes. According to Forbes, these funds are no longer limited to students with exceptional financial need. Each school will likely vary in how, as well as to whom, they deliver emergency financial aid. In some cases, colleges may automatically apply it to student tuition accounts. In other cases, they may require students to apply. If you have not received any directives from your college or university regarding emergency relief funds, reach out to your school’s financial aid office with questions.If you are an independent student, though, we have good news. You – and only you – will receive your $1,400 stimulus check.
Fastweb makes finding scholarships a breeze.
Become a member and gain exclusive access to our database of over 1.5 million scholarships.