Notes to SEFA
The federal student loan programs listed subsequently are administered directly by Thomas More University and Subsidiary, and balances and transactions relating to these programs are included in Thomas More University and Subsidiary’s basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2025 and 2024 consists of: see financials for table.