Governors will be able to apply for 67 percent, or $32.5-billion, of the stabilization funds that the new stimulus law directs to the states for education programs by the end of March, the Department of Education announced over the weekend. The stabilization-fund money will be released roughly two weeks after approvable applications are received.
In addition, at least half of the money set aside for vocational-rehabilitation state grants ($540-million) under the law will be available by the end of March, according to guidelines released by the department.
A second round of stabilization-fund dollars will be available between July 1 and September 30, the department said. To receive funds in the second round of money, states must show that they are making progress toward four educational goals outlined in the law; meeting record-keeping and reporting requirements; and will use the additional dollars in a fiscally prudent way.
Additional money - including $17.1-billion for Pell Grants and $200-million for Work Study in the 2009-10 academic year - will become available on July 1.
From the Chronicle of Higher Education