The University of Idaho is projected to lose more than $7 million through June 30 due to COVID-19, President C. Scott Green said in a university-wide email.
The $7 million is comprised of revenue loss of housing, dining, parking, events, Vandal Gear and more, according to the email.
While the loss is projected, the federal government’s stimulus packages will give UI $6.9 million from The Department of Education. Though half of the money, specifically $3,452,648 million, will need to be distributed to student aid for those who are in need due to COVID-19.
According to the Recipient’s Funding Certification and Agreement Emergency Financial Aid Grants to Students under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, students have to meet specific criteria to be eligible for aid.
The criteria are for students’ expenses during the COVID-19 outbreak they may not have been able to meet such as food, housing, course materials, technology, health care and child-care expenses.
Jodi Walker, UI Director of Communications, said the decision process on how UI will hand out the money to students will be discussed next week.
The other half will be used for costs, which leaves the university with a $3 million to $4 million reductions to its reserves.
Alex Brizee can be reached at [email protected] or on Twitter @alex_brizee