Notes to SEFA
The federal Perkins loan program is administered directly by the College, and balances and transactions relating to this program are included in the College’s basic financial statements. The basis used to determine Perkins loans expended shown on the Schedule is the amount of new loans made or received during the fiscal year plus the balance of loans from previous years for which the federal government imposes continuing compliance requirements, plus any interest subsidy, cash, or administrative cost allowance received. Federal direct student loans are made by the Secretary of Education through the Federal Direct Student Loan program and only the value of loans made during the period are considered federal awards expended during that period and are shown on the Schedule. The balance of loans outstanding at June 30, 2025 consists of: At the beginning of the fiscal year, the Perkins loan balance was $569,006, with no new loans processed; the ending balance outstanding at June 30, 2025 was $443,459. For Federal Direct Student Loans, $5,614,248 in new loans were processed during the year. Congress did not renew the Federal Perkins Loan Program after September 2017, and the transition period permitting disbursements ended on June 30, 2018. The College intends to continue servicing the outstanding Perkins loans and remit excess cash periodically to the Department of Education. As the program has ended, there were no Perkins loans made during the year ended June 30, 2025.