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.
Passed 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.
"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."
Since the outbreak forced the temporary closure of physical campuses, Lincoln Tech has temporarily transitioned to distance learning so students may continue to study and meet virtually with instructors. This shift from hands-on training to remote instruction has been well-received across the Lincoln Tech network, with schools reporting an average online attendance of over 90% and new students continuing to enroll and start their training. Lincoln Tech's instructors were also quick to adapt to the remote platform.
Shaw adds that "Lincoln looks forward to welcoming students back to our campuses when the crisis has abated, and that our locations are undergoing cleaning and disinfection processes to ensure a safe return. Lincoln Tech's students are preparing for careers that will shape the remainder of their lives," he says. "We understand that this interruption in their hands-on learning may delay that progress, but nothing is more important to us than their safety and well-being ? and that of their families. When the time comes that our campuses can return to being fully open and operational, we'll be excited to see our instructors delivering in-person career training to our students once again."
About Lincoln Educational Services Corporation
Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults career-oriented programs in five principal areas of study: automotive technology, health sciences, skilled trades, business and information technology, and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946.
Lincoln currently operates 22 campuses in 14 states under three brands: Lincoln Technical Institute, Lincoln College of Technology, and Euphoria Institute of Beauty Arts and Sciences. Lincoln also operates Lincoln Culinary Institute in the states of Connecticut and Maryland.
For more information, go to lincolntech.edu.
Lincoln Educational Services Corporation
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SOURCE Lincoln Educational Services Corporation
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