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How the Third Stimulus Check Benefits College Students

Congress has issued stimulus checks through various relief programs to help Americans cope with their economic loss due to the COVID-19 pandemic, 

The first stimulus checks were approved by President Trump under the CARES Act on March 27, 2020, and included checks for up to $1,200 a person.  The second round was signed off by President Trump on December 27th, 2020, and provided up to $600. Households were able to gain additional stimulus for children dependents under the age of 16.

College-aged dependents or any dependents over the age of 16 were not included in the previous stimulus checks. 

President Biden’s new relief package called the American Rescue Act Plan was signed on March 11, 2021. This $1.9 dollar trillion aid package includes checks for up to $1,400 per individual. The amount decreases variably after reaching the threshold income of $75,000 or joint income of $150,000. 

Biden has changed the qualifications for this newest stimulus check, allowing adult dependents above the age of 16 to receive the checks as well, significantly increasing the number of college students eligible to receive stimulus checks.

Additionally, the American Rescue Act Plan also includes a $40 billion package to colleges and universities in the form of emergency financial aid.

This is the largest amount of relief money granted to universities and colleges so far. The first act granted colleges $14 billion dollars and the second act granted colleges $22.7 billion dollars. 

On March 15, the IRS announced that $100 million dollars in aid would be distributed in the next ten days.  It announced that on March 24 another batch of checks would be sent out. 

This new act can drastically change the lives of college students and hopefully lessen the economic loss that so many students are experiencing. 

Adina Hirsch is a freshmen at the University of Florida, studying economics and psychology. She is passionate about cold brew coffee, new experiences, and volunteering.
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