Federal Stimulus Update
NJIT Community Members,
The President has signed an approximately $900 billion coronavirus stimulus funding package that Congress had approved one week ago. This relief package includes $22.9 billion for higher education. While the official distribution within higher education has not been released by the Federal Government, a detailed analysis prepared by Association of Public Land Grant Universities (APLU) projects the anticipated NJIT component to be approximately $13.6 million. These funds can be applied as financial aid grants to students, support for lost revenue, reimbursement for COVID-related expenses already incurred, toward technology costs associated with a transition to distance education, for faculty and staff training, and as payroll. We anticipate the deadline to use these funds will be December 31, 2021.
Of the $13.6 million anticipated award, NJIT will be dedicating a minimum of $4.055 million to need-based student grants, which matches the value NJIT received as part of the initial CARES Act funding this past spring. In addition, the university continues to raise funds for the Highlander Student Emergency Fund, which also is helping our students to complete their degree programs.
Within the next week, NJIT's Financial Aid Office will establish a student grant application process similar to the previously successful Cares Act program. Approved grant applicants will be notified promptly by the Financial Aid Office and weekly payments will begin quickly.
At this time, the estimated remaining $9.5 million will be reserved until the full FY21 revenue budget is achieved and the FY22 budget variables become more clear (i.e. state funding, undergraduate and graduate enrollment, indirect cost recoveries, residence hall occupancy and meal plan/parking, etc). We will have more certainty regarding these important budget items during the fourth quarter of FY21 (April - June 2021).
Please continue to stay well as we greet, hopefully, a better New Year.
Sincerely,
President Joel S. Bloom
