FY 2022 AGENCY FINANCIAL REPORT 52 U.S. DEPARTMENT OF EDUCATION

FINANCIAL SECTION (FISCAL YEAR 2022 UNAUDITED)

U.S. Department of Education

Consolidated Balance Sheets

As of September 30, 2022 and September 30, 2021

(Dollars in Millions)

FY2022 (Unaudited) FY2021

ASSETS (Note 2)

Intragovernmental:

Fund Balance with Treasury (Note 3) $ 317,007 $ 351,868 

Other Assets (Note 4) 92 114 

Total Intragovernmental 317,099 351,982 

Other than Intragovermental:

Loans Receivable, Net (Note 5)

Direct Loan Program 816,514 1,104,851 

Federal Family Education Loan (FFEL) Program 39,802 58,246 

Other Credit Programs for Higher Education 2,332 1,967 

Cash and Other Monetary Assets 725 1,913 

Other Assets (Note 4) 208 324 

Total Other than Intragovermental 859,581 1,167,301 

Total Assets $ 1,176,680 $ 1,519,283 

LIABILITIES (Note 6)

Intragovernmental:

Debt Associated with Loans (Note 7)

Direct Loan Program $ 837,440 $ 1,142,195 

FFEL Program 66,995 78,254 

Other Credit Programs for Higher Education 912 1,096 

Accounts Payable 1 1 

Other Liabilities:

Subsidy Due to Treasury (Note 8) 26,965 1,513 

Guaranty Agency Funds Due to Treasury 725 1,913 

Other Liabilities (Note 9) 1,067 739 

Total Intragovernmental 934,105 1,225,711 

Other than Intragovermental:

Accounts Payable 4,509 5,010 

Loan Guarantee Liabilities (Note 5) 10,655 7,496 

Other Liabilities:

Accrued Grant Liabilities 5,130 7,589 

Other Liabilities (Note 9) 550 382 

Total Other than Intragovermental 20,844 20,477 

Total Liabilities $ 954,949 $ 1,246,188 

Commitments and Contingencies (Note 14)

NET POSITION

Unexpended Appropriations $ 231,218 $ 301,798 

Cumulative Results of Operations (9,487) (28,703)

Total Net Position $ 221,731 $ 273,095 

Total Liabilities and Net Position $ 1,176,680 $ 1,519,283 

The accompanying notes are an integral part of these statements.
FY 2022 AGENCY FINANCIAL REPORT 53 U.S. DEPARTMENT OF EDUCATION

FINANCIAL SECTION (FISCAL YEAR 2022 UNAUDITED)

U.S. Department of Education

Consolidated Statements of Net Cost

For the Years Ended September 30, 2022 and September 30, 2021

(Dollars in Millions)

The accompanying notes are an integral part of these statements.

FY2022 (Unaudited)

PROMOTE EQUITY FOR PREKINDERGARTEN THROUGH GRADE 

12 STUDENTS WITH ACCESS TO EDUCATIONAL RESOURCES, 

OPPORTUNITES, AND INCLUSIVE ENVIRONMENTS 

Gross Costs $ 90,852 

Earned Revenue (68)

Net Program Costs $ 90,784 

INCREASE POSTSECONDARY VALUE BY FOCUSING ON EQUITY 

STRATEGIES TO ADDRESS ACCESS TO AFFORDABILITY, 

COMPLETION, AND POST-ENROLLMENT SUCCESS

Direct Loan Program

Gross Costs $ 445,958 

Earned Revenue (58,831)

Net Cost of Direct Loan 

Program $ 387,127 

FFEL Program

Gross Costs $ 28,553 

Earned Revenue (5,163)

Net Cost of FFEL Program $ 23,390 

Other Credit Programs for Higher 

Education

Gross Costs $ 234 

Earned Revenue (1,133)

Net Cost of Other Credit 

Programs for Higher Education $ (899)

Non-Credit Programs

Gross Costs $ 63,014 

Earned Revenue (3)

Net Cost of Non-Credit 

Programs $ 63,011 

Net Program Costs $ 472,629 

Total Program Gross Costs $ 628,611 

Total Program Earned Revenue $ (65,198)

Net Cost of Operations (Notes 10 

& 13) $ 563,413 

FY2021

IMPROVE LEARNING OUTCOMES FOR ALL P-12 STUDENTS

Gross Costs $ 61,013 

Earned Revenue (118)

Net Program Costs $ 60,895 

EXPAND POSTSECONDARY OPPORTUNITIES, IMPROVE 

OUTCOMES TO FOSTER ECONOMIC OPPORTUNITY, AND 

PROMOTE PRODUCTIVE CITIZENRY

Direct Loan Program

Gross Costs $ 131,088 

Earned Revenue (35,673)

Net Cost of Direct Loan 

Program $ 95,415 

FFEL Program

Gross Costs $ 16,898 

Earned Revenue (3,095)

Net Cost of FFEL Program $ 13,803 

Other Credit Programs for Higher 

Education

Gross Costs $ 1,673 

Earned Revenue (1,060)

Net Cost of Other Credit 

Programs for Higher Education $ 613 

Non-Credit Programs

Gross Costs $ 68,994 

Earned Revenue (15)

Net Cost of Non-Credit 

Programs $ 68,979 

Net Program Costs $ 178,810 

Total Program Gross Costs $ 279,666 

Total Program Earned Revenue $ (39,961)

Net Cost of Operations (Notes 10 

& 13) $ 239,705 
FY 2022 AGENCY FINANCIAL REPORT 54 U.S. DEPARTMENT OF EDUCATION

FINANCIAL SECTION (FISCAL YEAR 2022 UNAUDITED)

U.S. Department of Education

Consolidated Statements of Changes in Net Position

For the Years Ended September 30, 2022 and September 30, 2021 

(Dollars in Millions)

FY2022 (Unaudited) FY2021

Unexpended 

Appropriations

 Cumulative 

Results of 

Operations

Unexpended 

Appropriations

 Cumulative 

Results of 

Operations

Beginning Balances $ 301,798 $ (28,703) $ 99,314 $ (54,383)

Appropriations Received 599,069 - 477,507 - 

Appropriations Transferred - In/Out 15 - (409) - 

Other Adjustments (Rescissions, etc.) (2,412) - (1,107) 1 

Appropriations Used (667,252) 667,252 (273,507) 273,507 

Nonexchange Revenue - 21 - 8 

Donations and Forfeitures of Cash and Cash Equivalents - 1 - 1 

Imputed Financing from Costs Absorbed by Others - 38 - 36 

Negative Subsidy Transfers, Downward Subsidy Re-estimates, 

and Other (84,683) - (8,168)

Net Cost of Operations - (563,413) - (239,705)

Net Change $ (70,580) $ 19,216 $ 202,484 $ 25,680 

Net Position $ 231,218 $ (9,487) $ 301,798 $ (28,703)

The accompanying notes are an integral part of these statements.
FY 2022 AGENCY FINANCIAL REPORT 55 U.S. DEPARTMENT OF EDUCATION

FINANCIAL SECTION (FISCAL YEAR 2022 UNAUDITED)

U.S. Department of Education

Combined Statements of Budgetary Resources 

For the Years Ended September 30, 2022 and September 30, 2021 

(Dollars in Millions) 

FY2022 (Unaudited) FY2021

Budgetary

Non-Budgetary 

Credit Reform 

Financing Accounts

Budgetary

Non-Budgetary 

Credit Reform 

Financing Accounts

BUDGETARY RESOURCES

Unobligated Balance from Prior Year Budget Authority (Net) (Note 12) $ 43,131 $ 22,216 $ 20,772 $ 20,650 

Appropriations (Discretionary and Mandatory) 594,475 2,759 476,520 239 

Borrowing Authority (Discretionary and Mandatory) (Note 12) - 178,717 - 129,407 

Spending Authority from Offsetting Collections (Discretionary and Mandatory) 105 60,593 (206) 42,224 

Total Budgetary Resources $ 637,711 $ 264,285 $ 497,086 $ 192,520 

 STATUS OF BUDGETARY RESOURCES 

New Obligations and Upward Adjustments (Total) $ 615,000 $ 198,706 $ 457,228 $ 170,268 

Unobligated Balance, End of Year:

Apportioned, Unexpired Accounts 17,832 - 35,815 - 

Unapportioned, Unexpired Accounts 748 65,579 1,931 22,252 

Unexpired Unobligated Balance, End of Year $ 18,580 $ 65,579 $ 37,746 $ 22,252 

Expired Unobligated Balance, End of Year 4,131 - 2,112 - 

Unobligated Balance, End of Year (Total) $ 22,711 $ 65,579 $ 39,858 $ 22,252 

Total Budgetary Resources $ 637,711 $ 264,285 $ 497,086 $ 192,520 

 OUTLAYS, NET

Outlays, Net (Discretionary and Mandatory) $ 668,455 $ 267,076 

Distributed Offsetting Receipts (-) (Note 12) (29,086) (6,625)

Agency Outlays, Net (Discretionary and Mandatory) (Notes 12 and 13) $ 639,369 $ 260,451 

Disbursements, Net (Total) (Mandatory) $ (382,288) $ (39,881)

The accompanying notes are an integral part of these statements.