Let's look at the initial Senate R proposal for the higher education relief fund https://www.appropriations.senate.gov/imo/media/doc/TJS05MAH.PDF (page 117)

85% out by formula ~$24.65b, 10% for Minority serving institutions ~$2.9b, 5% for most affected colleges ~$1.45b. Formula only applies to Sec. 101 or Sec. 102(c). Big deal if I'm reading right--suggest no for-profit colleges in the formula

Compared to CARES that trades 5 percentage points for formula, split evenly with MSIs (go from 7.5% to 10%) and the most affected (2.5% to 5%).

Formula funds are more heavily awarded via Pell--90% vs. 75% in CARES. Still uses full-time equivalent and still excludes those who were entirely online.

Looks like for-profits get limited to the 5% set aside where they and other colleges have to fill out an application to get funds (subtle dig at DeVos and her handling of this pot last time where they topped up tiny colleges before adding an application of sorts)

The Minority serving institutions funds also get a tweak. Certain pots are allocated 70% based upon share of Pell students, 20% based upon share of all students and 10% based on endowment size. Title III programs that already use a formula in the HEA use that formula

This is a shift from CARES, which didn't specify a formula and so ED had used the same formula to distribute the MSI dollars as it did the formula ones within the pots for the various programs

Funds MAY be used for financial aid, but no requirement to do so (w/one exception). CARES had required half go to aid. Only colleges who must use it all for aid are those who paid endowment tax--they lose half their allocation too.