Notes to SEFA
The University administers the PL program, which is funded by the Department of Education, and the HPSL, PCL, and NSL programs, which are funded by the Department of Health and Human Services. The loan expenditures for the HPSL and PCL programs (Assistance Listing No. 93.342) collectively of $727,451 for the fiscal year ended June 30, 2025, are considered current year federal expenditures. There were no loans issued for the PL program (Assistance Listing No. 84.038) or the NSL program (Assistance Listing No. 93.364) for the fiscal year ended June 30, 2025. There was no outstanding loan balance for the PL program at June 30, 2025, and the outstanding loan balance for the PL program at June 30, 2024 was $27,644. The federal excess funds received to be returned to the agency was $16,042 at June 30, 2025. The outstanding loan balance for the HPSL and PCL programs, collectively, was $10,471,393 and $11,192,942 at June 30, 2025 and June 30, 2024, respectively. The outstanding loan balance for the NSL program was $6,674 and $7,358 at June 30, 2025 and June 30, 2024, respectively. The current year expenditures plus the beginning of year outstanding loan balance are reported on the schedule of expenditures of federal awards.
The University acts as an intermediary for students receiving Federal Direct Student Loans Program loans (Assistance Listing No. 84.268), which include the Direct Stafford Loan, from the federal government. The federal government is responsible for billing and collections of the loans. The University assists the federal government by processing the applications and applying the funds from the federal government to student accounts. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2025 related to the Federal Direct Student Loans Program are considered current year federal expenditures, whereas the outstanding balances are not. The total amount processed during fiscal year 2025 is included on the schedule of expenditures of federal awards. See the Notes to SEFA for table