Notes to SEFA
Title: Federal Direct Student Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the University and is presented on the accrual basis of accounting in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures reported on the Schedule are recognized following the cost principles contained in the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the general-purpose financial statements. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The number of guaranteed student loans and total amount for each program for University students for the year ended June 30, 2022, were as follows. Direct Loan Program (Subsidized and Unsubsidized): 3,226 students, $23,868,081. Direct PLUS Loans (Parent and Graduate PLUS Loans): 330 students, $2,998,789. Totals: 3,556 students, $26,866,870.