Notes to SEFA
The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to this program are included in the University’s basic financial statements. The Federal Perkins Loan Program ended on September 30, 2017, with final disbursements permitted through June 30, 2018. The University’s portion of the loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Federal Perkins loans outstanding as of June 30, 2025 totaled $349,386.
The University participates in the Federal Direct Loan Program (ALN No. 84.268). During the year ended June 30, 2025, the University disbursed to students the following amount of new loans under the Federal Direct Loan Program: Stafford Loans - amount expended: $4,532,465 Unsubsidized Loans - amount expended: $5,387,445 Plus Loans - amount expended: 7,305,621 Total: $17,225,531
The University has negotiated facilities and administrative cost rates for use on federal grants, contracts, and other agreements with the federal government. The negotiated predetermined rates are 55% on-campus and 20% off-campus, and are effective from July 1, 2016, through June 30, 2021. After June 30, 2021, the provisional rates of 55% on campus and 20% off campus will apply until amended.
The Institution is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23: - Correspondence courses the institution offers under 34 CFR 600.7(b) and (g) - Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g) - Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g) - Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g) - Institution’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g) - Completion rates for short-term programs under 34 CFR 668.8(f) and (g) - Placement rates for short-term programs under https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2).