Notes to SEFA
Title: GUARANTEED LOANS
Accounting Policies: GENERAL
NSLP receives financial awards from the federal government for the purpose of administering the Federal Family Education Loan Program. The amounts reported as federal expenditures were obtained from the records maintained by NSLP. All amounts received during the year ended September 30, 2023 were expended.
BASIS OF PRESENTATION
The reporting entity for the schedule of expenditures of federal awards is the same as the related consolidated financial statements. The accompanying schedule of expenditures of federal awards includes the federal grant activity of NSLP and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, federal financial reports.
De Minimis Rate Used: N
Rate Explanation: For the year ended September 30, 2023, NSLP did not claim any indirect costs.
Loans outstanding and guaranteed by NSLP at September 30, 2023 subject to continual compliance requirements were approximately $958 million.
The principal and interest balance of loans in default at September 30, 2023 was approximately $389 million.