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The 20 institutions that received the most amount of money from the unmet-need fund serve less than 3,000 students combined, and about half are religious schools — including Bible colleges and seminaries — several of which serve less than 100 students.

Much of the CARES Act's more than $14 billion for higher education is being distributed according to the number of full-time low-income students a college serves, which is measured through federal Pell Grants. The $350-million unmet-need fund followed a different formula. Miller says for this particular pot, schools that did not receive $500,000 or more from other available CARES Act funds were given the difference between what they did receive and $500,000 limit. "So the result is that the smaller you are and the less money you've already gotten, the more you get from this program," Miller says. But $350 million can only go so far. Education Secretary Betsy DeVos was given the discretion to choose which schools would benefit from the fund, and by how much.

Brad Smith, the president of Bakke Graduate University in Dallas, which was allotted $497,338 in federal aid, says he didn't learn of his school's eligibility until he was contacted by NPR. "I don't know anything about this," Smith says, noting that his school hadn't asked for additional federal help. "I'm taking responsibility to find out what it means."