The coronavirus pandemic brought unprecedented challenges to higher education, intensifying long-standing systemic inequities in college affordability and access. For many students, the total cost of attendance exceeds what they can afford, even with financial aid. The Higher Education Emergency Relief Fund (HEERF) provided a crucial financial lifeline to students during the pandemic, helping ease financial stress and allowing them to focus on their education. This report is one of two EdTrust reports that aim to paint a clearer picture of the impact of HEERF aid, providing insights into its effectiveness, students' ongoing need, and recommendations for improving future emergency aid funding. This report used a publicly available dataset to analyze the allocation and disbursement of HEERF funds and explored the relationship between emergency aid disbursement and retention rates across various demographic and institutional contexts. This brief also explored how HEERF reduced common financial barriers to higher education and the strategies institutions employed to allocate funds equitably. Recommendations provided to higher education policymakers and decision-makers include prioritizing transparency, streamlining processes, and allocating resources equitably to address persistent challenges.