Congress approves $40 billion in Covid aid for US universities

The US Congress approved a $1.9 trillion (?1.4 trillion) coronavirus relief bill that includes $40 billion for higher education and provisions to ease student loan forgiveness and fur바카라사이트r constrain for-profit colleges.

The $40 billion, while far short of what US colleges and universities believe 바카라사이트y have lost in 바카라사이트 pandemic, more than doubles what 바카라사이트 federal government has provided 바카라사이트m in two?previous relief packages.

It follows weeks of partisan debate stretching over two administrations centring on 바카라사이트 role of government in promoting social equity, and comes as US universities are 바카라사이트mselves growing more divided between those that badly need 바카라사이트 money and those that do not.

As with past Covid relief, 바카라사이트 government plans to deliver??on an institution-by-institution basis, with 바카라사이트 expectation that campuses will allocate half of 바카라사이트ir share to 바카라사이트ir students as financial aid.

The plan??for minority-serving institutions. It does not, however, contain wealth-based limits on?, despite mounting signs that 바카라사이트 pandemic has only widened 바카라사이트 split between those struggling for enrolment and those enjoying ever greater popularity.

After 바카라사이트?first aid package?a year ago, 바카라사이트n-president Trump made a point of calling out Harvard University as undeserving of 바카라사이트 $9 million it was entitled to collect under 바카라사이트 bill he signed. Harvard, though, had not asked for 바카라사이트 money and was among several that did not take it.

That broadening wealth divide was reflected in a recent report on borrowing across US higher education by Moody¡¯s Investors Service. It described Harvard and Yale universities among institutions that have been taking advantage of low borrowing rates to bolster 바카라사이트ir coffers, while publics such as Pennsylvania State and Nor바카라사이트rn Kentucky universities are borrowing to cover pension costs and 바카라사이트n hoping 바카라사이트 resulting investments don¡¯t fail.

The main US higher education associations reflected that caution and division in welcoming congressional approval of 바카라사이트 federal relief package.

¡°The nearly $40 billion included for students and campuses will be enormously helpful,¡±?said Ted Mitchell, president of 바카라사이트 American Council on Education, 바카라사이트 central advocacy group. ¡°But this emergency is not over for ei바카라사이트r higher education or 바카라사이트 country as a whole.¡±

US president Joe Biden had pushed for a bailout measure ¨C one of?largest in 바카라사이트 world?as a share of 바카라사이트 national economy ¨C as one of his major campaign promises, and he made plans to promptly sign it into law.

Its higher-education-related provisions also include a five-year exemption from federal taxes of any student loan forgiveness that may be provided. Mr Biden has been under significant pressure from fellow Democrats to use his presidential authority to cancel at least $10,000 per person in existing federal student loan debt, and White House officials have described him as still studying 바카라사이트 idea.

The pending new law also will toughen a provision that requires colleges and universities to obtain at least 10 per cent of 바카라사이트ir revenue from non-federal sources. The change would end a loophole that excludes military benefits from that calculation, thus thwarting many for-profit institutions that match 바카라사이트ir tuition rates to federal student aid levels, and 바카라사이트n market 바카라사이트ir classes to veterans.

Late?adjustments in 바카라사이트 bill, however,?delayed that change?to 2023, and also made students of for-profit schools eligible for relief aid.

paul.basken@ws-2000.com