Notes to SEFA
The Federal Perkins Loan Program (the “Perkins Loan Program”) is administered directly by the College. Balances and transactions relating to the Perkins Loan Program have been included in the College’s consolidated financial statements. In accordance with the Perkins Loan Program closing guidelines, no new loans were allowed and no new loans were disbursed by the College for the year ended May 31, 2019 or thereafter. As of May 31, 2025, the College had completed the liquidation process of the Perkins Loan Program.
During the fiscal year ended May 31, 2025, the College processed $7,872,273 of new loans under the Federal Direct Student Loans Program (Assistance Listing #84.268). The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans Program and, accordingly, these loans are not included on the College’s consolidated financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the College under this program at May 31, 2025.
The federal financial assistance from the U.S. Department of Agriculture (USDA), Community Facilities Loans and Grants program, is in the form of interest-bearing loans to be repaid in accordance with the terms of the agreements. Because of the continuing compliance requirements, the total outstanding balances at the beginning of the fiscal year is reported on the Schedule.
The College has liquidated its Federal Perkins Loan portfolio and in doing so has retired, purchased, or assigned the College’s outstanding loans to the U.S. Department of Education (the “Department”), completed its National Student Loan Data System (NSLDS) reporting requirements and returned the Federal Capital Contribution to the Department. The College plans to file its final Fiscal Operations Report and Application to Participant (FISAP) by September 30, 2025.