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.