Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents all expenditures of federal award programs of Siena College (the College) during the year ended May 31, 2025.
Federal Perkins Loan Program For the year ended May 31, 2025, the College did not issue any loans under the Federal Perkins Loan Program and no administrative cost allowance was claimed. The outstanding balance of loans outstanding at May 31, 2025 and 2024 were $221,249 and $315,946, respectively. The expended funds reported on the Schedule represents the May 31, 2024 outstanding loan balance. Federal Direct Student Loan Program During the year ended May 31, 2025, the College processed $24,321,236 of new loans under the Federal Direct Student Loan Program (which includes subsidized and unsubsidized Direct Loans, Direct Parents’ Loans for Undergraduate Students, and Direct Parents’ Loans for Graduate Students). With respect to the Federal Direct Student Loan Program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s financial statements do not include any amounts relative to these loans. The cumulative amount of total loans guaranteed and outstanding at May 31, 2025 is undeterminable.