Title: Federal Perkins Loan (PL) Program, Primary Care Loan (PCL) Program, Health Profession Student Loan (HPSL) Program, and Nursing Student Loan (NSL) Program
Accounting Policies: 1 - The schedule of expenditures of federal awards includes all the grants of Midwestern University (The University). 2 - Grant expenditures have been recorded in conformity with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) on an accrual basis.
De Minimis Rate Used: N
Rate Explanation: The University did not use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
The University administers the PL program, which is funded by the Department of Education, and the HPSL, PCL, and NSL programs, which are funded by the Department of Health and Human Services. The loan expenditures for the HPSL and PCL programs collectively of $343,792 for the fiscal year ended June 30, 2024 are considered current year federal expenditures. There were no loans issued for the PL program or the NSL program for the fiscal year ended June 30, 2024. The outstanding loan balance for the PL program was $27,644 and $98,490 at June 30, 2024 and June 30, 2023, respectively. The outstanding loan balance for the HPSL/PCL programs, collectively, was $11,192,942 and $12,511,331 at June 30, 2024 and June 30, 2023, respectively. The outstanding loan balance for the NSL program was $7,358 and $12,629 at June 30, 2024 and June 30, 2023, respectively. The current year expenditures plus the beginning of year outstanding loan balance are reported on the schedule of expenditures of federal awards.
Title: Federal Direct Student Loans
Accounting Policies: 1 - The schedule of expenditures of federal awards includes all the grants of Midwestern University (The University). 2 - Grant expenditures have been recorded in conformity with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) on an accrual basis.
De Minimis Rate Used: N
Rate Explanation: The University did not use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.
The University acts as an intermediary for students receiving Federal Direct Student Loans Program loans (Assistance Listing No. 84.268), which include the Direct Stafford Loan, from the federal government. The federal government is responsible for billing and collections of the loans. The University assists the federal government by processing the applications and applying the funds from the federal government to student accounts. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2024 related to the Federal Direct Student Loans Program are considered current year federal expenditures, whereas the outstanding balances are not. The total amount processed during fiscal year 2024 is included on the schedule of expenditures of federal awards. See the Notes to the SEFA for table.