What does a $2.2 trillion relief package mean for college students?

By: Jordan Coll / Asst. News Director

The world has faced a global standstill in both its economy and society as the coronavirus continues to spread. Many jobs have been negatively impacted by the virus taking a toll in the workforce, as many workers are left without jobs as a result of the pandemic crisis.

On Friday, March 27 President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The $2 trillion coronavirus response bill in an attempt to bring economic support to many Americans nationwide.

According to an email sent by FIU External Relations, the university is expected to receive a share of a $14.2 billion Higher Education Stabilization fund which will soon provide emergency financial aid grants for expenses related to the disruption of campus operations die to the coronavirus. Immediate relief will be provided to students and alumni will include:

As stated by the email:

• The halting of all student loan payments for six months and pausing interest accrual on those loans during that time.
• Each month during this span would still count toward a qualifying payment toward an authorized loan forgiveness program
• Pell Grant recipients would not be required to repay the federal government if they had to leave school because of the crisis
• Any disrupted academic terms would also not count toward the lifetime limit on receiving Pell
• Allows payments to work-study students if they were unable to fulfill their work-study obligation for all or part of the academic year 

College students will not receive the government paycheck if they are claimed dependent on a tax return. 

Also, the federal government will be waiving two months of payments and interest for many federal student loan users, this will last until Sept.30.

The bill includes $1,200, one time payments to Americans, with an additional $500 given to each household, a child will qualify if they are 16 or below. 

“I still believe college students should get paid out,” said Derek Jackson, a student majoring in public relations. “They don’t have much bills to pay unlike people who are facing college debt,” said Jackson. 

The plan will also provide $500 billion in corporate funds to help struggling industries such as airlines; distributing $377 billion for aid to small businesses and boosts the maximum unemployment benefit by $600 per week for four months.

More than $14 billion for colleges and universities and at least $13.5 billion for the nation’s K-12 schools.

Under the plan, individuals who earn $75,000 or less in an adjusted gross income would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving an average of $2,400. 

According to the President, it’s unclear how long it will take the Internal Revenue Service to process and calculate each and every payment, “I want to thank Democrats and Republicans for coming together and putting America first,” said Trump.

The deal also includes $10 billion in Small Business Administration emergency grants and up to $10 million of emergency relief per business. It allocates $17 billion for the SBA to cover an extensive six month period of payment for small businesses with existing SBA loans.

“I don’t think this something that could have been prevented but I think this could help with people like me that were laid off, filing for unemployment will help but having federal money invested in restaurants and business can support the hospitality industry,” said Anthony Orezzeoli a student majoring in Hospitality and Tourism, who was recently laid off as a service bartender.

Just like Orezzeoli, many have lost their jobs as a result of the pandemic crisis.

$30 billion will be provided to an emergency education funding and $25 billion in emergency transit funding.

The massive package will also include $100 billion in assisting hospitals and health systems across the nation.

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