Notes to SEFA
Federal Perkins Loan Program – Effective October 1, 2015, the Federal Perkins Loan Program was allowed to expire by Congress. Outstanding loans at July 31, 2025, under the Federal Perkins Loan Program, were $88,770. During the year ended July 31, 2025, no new Federal Perkins Loans were advanced to students and the School assigned $13,880 in principal back to the Department of Education. Federal Direct Student Loan Program – The School participates in the Federal Direct Student Loan Program which includes unsubsidized Federal Stafford Loans as well as Grad Plus Loans. New loans disbursed for students during the year ended July 31, 2025, were as follows: Federal Direct Student Loan Program: Stafford Unsubsidized $9,368,044 Grad Plus $22,748,748
Consistent with management's policy, federal awards are recorded in various revenue categories. As a result, the amount of total federal awards on the Schedule does not agree to the total grant revenue on the Statement of Activities.
On July 28, 2021, the School received an approved indirect cost rate of 29% from the Department of Health & Human Services (DHHS) effective for the period August 1, 2022, through July 31, 2025, subject to any grantor restrictions. The School elected to use the 29% indirect cost rate on all federal grant applications submitted thereafter subject to any grantor terms and restrictions