The Leader’s guide to the $1,400 stimulus check

On March 17, millions of Americans began receiving a $1,400 direct deposit as part of President Biden’s $1.9 trillion COVID-19 stimulus relief bill, which included college-aged dependents for the first time. 

Biden’s American Rescue Plan got signed into law on March 11. The plan includes a payment of up to $1,400 for college-aged students 23 years or younger if they were claimed as a dependent on their providers 2019 or 2020 taxes. 

Similar to independent tax filers, the dependents provider would have had to earn less than $75,000, if they filed individually. If their providers filed jointly they would have to make less than $150,000 in order to qualify for the $1,400 stimulus payment. 

While the $1,400 payment will be deposited into the account of your claimer, they are able to transfer, wire, cash-out, or write a check for the full $1,400. 

Biden also gave higher education institutions an additional $40 billion to fund the Higher Education Economic Relief Fund (HEERF) through Sept. 2023. These funds were distributed to public and private non-profit colleges and universities, as well as for-profit institutions. 

Under the law, institutions must allocate at least 50 percent of their funds to funding student financial needs through grants. 

Elmhurst University received over $8 million, and $4 million must go to funding emergency financial aid grants to students.