Notes to SEFA
During the year ended June 30, 2025, the College processed $7,107,001 of new loans under the Federal Direct Student Loan Program (“Direct Loan”). The College is responsible only for the performance of certain administrative duties with respect to the Direct Loan Program and, accordingly, the value of these loans is not reflected in the College’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the College under this program. The Federal Perkins Loan Program (“Perkins”) listed subsequently is administered directly by the College, and balances and transactions relating to this program are included in the College’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 consists of: Federal Perkins Loan Program (Federal Assistance Listings Number #84.038) Loans outstanding at June 30, 2024 $ 628,218 Net collections, cancellations, and adjustments 174,505 Loans outstanding at June 30, 2025 $ 802,723 On September 30, 2017, the Federal government terminated the Perkins Loan Program. Subsequent to this date students can no longer receive Perkins Loan disbursements.