Notes to SEFA
During the fiscal year ended June 30, 2025, the University processed the following amount of new loans under the Federal Direct Student Loan Program (which includes Subsidized Stafford Loans, Unsubsidized Stafford Loans, and Plus Loans for Undergraduate and Graduate Students): Federal Direct Student Loans AL Number 84.268 Amount Authorized $5,587,282
Included in the Federal PELL Grant expenditures is an administrative cost allowance of $1,740.
The following is included as Federal Supplemental Educational Opportunity Grant (FSEOG) expenditures: Federal share of grants $115,959 Institutional share of grants 38,653 Total FSEOG Expenditures $154,612
The following is included as Federal Work Study (FWS) expenditures: Federal share of Federal Work Study wages $105,456 Institutional share of Federal Work Study wages 35,130 Administrative cost allowance 11,068 Total FWS Expenditures $151,654
The University administers the Federal Perkins Loan Program. For the purposes of the schedule, the amount reported included the outstanding loan balance at the beginning of the year. Due to regulation changes, no further loans can be made from the program, and no administrative cost allowances can be taken from the loan fund. The loan balance outstanding, net of the allowance for credit losses, was $55,127 at June 30, 2025. Schools have the option of continuing to collect on outstanding loan balance or can voluntarily liquidate the program. The University has no current plans to begin the Perkins liquidation process. However, the University is required to periodically return excess cash on hand from the program to the Department of Education.