Notes to SEFA
Title: Federal Direct Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the College and is presented on the accrual basis of accounting. The information in this schedule is presented 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). Therefore some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the Colleges financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College is a direct lender for the Federal Direct Student Loan program. The following represents direct loans originated and disbursed during fiscal year 2022: Assistance Listing Number 84.268 Federal Subsidized Loans $831,235; 84.268 Federal Unsubsidized Loans $1,158,842; 84.268 Federal Plus Loans $5,504; Total Federal Direct Student Loans $1,995,581.