Article is clear.

$700 million funding for this secondary phase program.

Only 262 applicants had success; 38,198 no success.

So program costs 2.67 million per successful applicant. With loans between a few thousand and a quarter million dollars. Let's say $40,000 on average, which is 10.5 million for all of them spent, and the remaining $690 million is thus the administrative overhead.

People OK with this seem to believe the $690 million in administrative overhead is money well spent and the $10.5 million spent on actual loan payouts is nearly an extravagance.

Interesting.