Congress has authorized $ 6.4 billion in economic relief over the past 14 months, thousands of millions of which were allocated or are available to spend on school, universities and other state higher education programs, according to a new officer's report Higher education executives of the State Association.
As a result of the Covid-19 pandemic, many states experienced a decrease in state tax revenues between fiscal years 2020 and 2021. Without sufficient money to finance your previously approved budgets, several states passed the cuts From mid-year to a higher education spending.
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Until now, the three rounds of funds Stimulus have largely offset cuts for state spending on higher education during the pandemic, reflecting what happened more than a decade ago during the Great Recession. While universities and universities will receive a little more money, this time, they will remain on the questions that will happen when federal dollars will be exhausted.
To provide some historical context for these questions, Sheeo published an analysis of the Federal Stimulus Financing for Higher Education during the Great Recession and the recent recession of 2020 as part of its State Higher Education Finance Report Annual. The Detail Stimulus Funds Report how much stimulus money has been issued for higher education during the two recessions, how states can use the funds and how money has impacted higher education in a handful of states. The figures are not adjusted for inflation, unless otherwise indicated.
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The Law of Cares, a $ 2.2 trillion economic relief package that former President Trump signed in March 2020, included $ 14 billion in direct financial assistance To colleges and universities through the Higher Education Emergency Aid Fund, or Heerf, which was part of the Education Stabilization Fund. That money went to public and private universities. The governors may decide to spend money on higher education from an emergency emergency education relief fund of $ 3 billion or a Relief Fund in Coronavirus of $ 150 billion. Geerf's money could also be spent on K-12 education, and CRF funds were directed to state and local governments.
Heerf required that half of the allocated funds will be distributed to students through emergency grants. The remaining institutional dollars had to devote themselves to "defray institutional expenses associated with the Coronavirus and / or by making additional financial aid grants to students," according to Sheeo.
In fiscal years 2020 and 2021, state tax credits for higher education decreased 2.3 percent. Stimulus money compensated to a large extent that decline, after accounting of federal dollars, decrease in the number of money states routing higher education was 0.6 percent. googleg.cmd.push (function () googleg.display ("dfp -ad-article_in_article");); Do you want to announce? Click here
During that time, the States assigned $ 2.38 billion in federal funds to higher education. States spent $ 428 million during fiscal year 2020, even though they received much more, according to Sheeo.
Michigan held the first place for fiscal year 2020 care of the dollars dedicated to higher education, putting $ 200 million towards the sector. Montana dedicated the least, spending only $ 126,218
