Notes to SEFA
As defined in the Uniform Guidance, Student Financial Assistance, Research and Development, and TRIO programs are considered to be clusters of programs and, accordingly, have been classified as one program for testing purposes.
Under the William D. Ford Federal Direct Loan Program, students and parents borrow funds directly from the federal government; the University is responsible for verifying student eligibility, electronically transmitting the loan records to the federal processor, and distributing the loan funds directly to the student account or parent borrower. For the year ended June 30, 2025, Direct Student Loans totaled $28,372,791 ($8,041,198 subsidized, $17,168,816 unsubsidized, $2,695,012 PLUS, and $467,765 direct graduate).
The Pell grant expenditures are the actual amounts incurred through June 30, 2025. The University will process amendments subsequent to year end to finalize the 2024-2025 award year. Amounts reported do not include an administrative cost allowance of $13,470.
A reconciliation of federal expenditures reported as revenue in the financial statements is provided below: