Notes to SEFA
The College is required to provide matching costs for certain federal grants. These costs are not included in the Schedule.
a. Federal Perkins Loan Program The Federal Perkins Loan Program listed below is administered directly by the College, and the balances and transactions relating to that program are included in the College’s consolidated financial statements. Loans made during the year are included in the Schedule of Expenditures of Federal Awards. A summary of the Federal Perkins Loan Program is as follows: Assistance Outstanding Outstanding Listing Balance Loans Payments and Balance Program Title/Award Title Number July 1, 2024 Issued Adjustments June 30, 2025 Federal Perkins Loan Program 84.038 $ 242,951 $ - $ 114,232 $ 128,719
b. Federal Direct Student Loans Program The College processed the following new loans under the Federal Direct Student Loans program during the year ended June 30, 2025. Stafford loans $ 9,809,847 Parent's loans for undergraduate students 3,645,001 Parent's loans for graduate students 610,595 Total deferred direct student loans $ 14,065,443 With respect to this program, the College is responsible only for the performance of certain administrative duties and, accordingly, these loans are not included in the College’s consolidated financial statements. It is not practical to determine the balances of loans outstanding to students of the College under the Federal Direct Student Loans program as of June 30, 2025.