According to guidance from the National Association of Student Financial Aid Administrators (NASFAA), institutions have nearly a year from the date of the last funding round to spend all money. While about half of the money is earmarked to help students in the form of grants and aid, the other half is meant to institutions to cover the revenue shortfall due to the pandemic. The U.S. Department of Education strongly recommends that institutions devote the maximum amount of funding to financial aid grants to students and prioritize costs associated with student safety and testing services.
