Notes to SEFA
Federal Work-Study Program (“FWS”) expenditures for the year ended June 30, 2025 are comprised of wages paid to students of $706,354 and a school match of $203,875 for a total of $910,229 FWS expended.
The College administers the Federal Perkins Loan Program. Due to changes in federal law, issuance of new Perkins loans ended as of June 30, 2018. The amount of Perkins loans included on the Schedule includes the outstanding balance as of June 30, 2024 of $501,187, less principal payments of $125,351. The outstanding loan balance as of June 30, 2025 was $375,836.
During the year ended June 30, 2025, the College processed $55,256,820 in new loans under the Federal Direct Loan Program (which includes Direct Parents’ Loans for Undergraduate Students). With respect to this program, the College is responsible only for the performance of certain administrative duties as part of the initial disbursement of the loans and, accordingly, these loans are not included in the College’s financial statements. It is not practical to determine the balances of loans outstanding to students of the College under this program at June 30, 2025.
The College did not provide federal funds to subrecipients for the year ended June 30, 2025.