Sec. 121. Emergency financial aid grants excluded from need analysis

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Notwithstanding any provision of the Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq.), emergency financial aid grants— shall not be included as income or assets (including untaxed income and benefits under section 480(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1807vv(b) )) in the computation of expected family contribution for any program funded in whole or in part under the Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq.); and shall not be treated as estimated financial assistance for the purposes of section 471 or section 480(j) of the Higher Education Act of 1965 ( 20 U.S.C. 1087kk ; 1087vv(j)).

In this section, the term emergency financial aid grant means— an emergency financial aid grant awarded by an institution of higher education under section 3504 of the CARES Act ( Public Law 116–136 ); an emergency financial aid grant from an institution of higher education made with funds made available under section 18004 of the CARES Act ( Public Law 116–136 ); and any other emergency financial aid grant to a student from a Federal agency, a State, an Indian tribe, an institution of higher education, or a scholarship-granting organization (including a tribal organization, as defined in section 4 of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 5304 )) for the purpose of providing financial relief to students enrolled at institutions of higher education in response to a qualifying emergency.

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