Business
Lincoln Students Receive CARES Act Support
WEST ORANGE, N.J., May 7, 2020 /PRNewswire/ -- Lincoln Educational Services Corporation (NASDAQ: LINC), a national leader in specialized automotive, skilled
About this update from Lincoln Educational Services Corporation
[{"type":"text","content":"WEST ORANGE, N.J., May 7, 2020 /PRNewswire/ -- Lincoln Educational Services Corporation (NASDAQ: LINC), a national leader in specialized automotive, skilled trades and allied health career training, has begun distributing CARES Act funds to eligible students from its 22 campuses nationwide. More than 11,000 students are expected to receive federal funds to relieve financial stress brought on by the pandemic and the resulting economic slowdown.\n\n \n \n \n \n \n \n\n \nPassed in late March, the CARES (Coronavirus Aid, Relief, And Economic Security) Act includes a provision for allocating $14 billion to postsecondary learning institutions across the country. Lincoln has applied for and anticipates receiving a total of approximately $27.4 million in funds to help ensure the continued education of our students. The majority of these funds will be used to provide emergency financial aid to eligible students in the form of grants which do not need to be repaid. This aid is intended to offset additional expenses related to the disruption of school operations including eligible expenses for a student's cost of attendance, such as food, housing, course materials, technology, healthcare and childcare. Lincoln has received approximately $10 million to date through this federal legislation and will be distributing those funds directly to its eligible students in the form of prepaid debit cards. The cards can be used to withdraw cash at select ATM locations or to make purchases anywhere Visa is accepted. Lincoln determined the amount of each student grant utilizing a formula based on US Department of Education guidance, with financial need being the primary factor.\n\"This is a time of great uncertainty for students across the country – and certainly at Lincoln Tech, where a great number of our students also work while attending classes,\" says Lincoln Tech President and CEO Scott Shaw. \"Students who now find themselves out of work due to the impact of COVID-19, or who depended on Lincoln campuses for food, housing, technology access, and other essentials, may be under tremendous stress. We're grateful to the federal government for awarding these funds and we are working as quickly as possible to get debit cards to the students who need them.\"\nSince the outbreak forced the temporary closure of physical campuses, Lincoln Tech has temporar...