Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Regis College (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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis cost rate for its Federal programs.
The College’s students and their parents were awarded $30,590,483, of Federally guaranteed loans under the Federal Direct Student Loan Program for the year ended June 30, 2024. The College is responsible for only the performance of certain administrative duties with respect to these programs, and funds for these programs are not included in the College’s financial statements.
The College also administers a Federal Perkins Loan Program, the balances relating to which are included in the College’s financial statements. Federal Perkins Loan Program includes the highest outstanding loan balance of $1,266,794 during fiscal year 2024. The balance at June 30, 2024 was $902,604.
The College also administers a Federal Nurse Faculty Loan Program (NFLP), the balances relating to which are included in the College's financial statements. The NFLP includes the highest outstanding loan balance of $1,059,095 during fiscal year 2024. The balance at June 30, 2024 was $879,345.
The College also administers a Nursing Student Loans the balances relating to which are included in the College’s financial statements. Nursing Student Loans Program includes the highest outstanding loan balance of $627,928 during fiscal year 2024. The balance at June 30, 2024 was $627,928.