48 FY 2021 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION

FINANCIAL SECTION | FINANCIAL STATEMENTS

U.S. Department of Education

Consolidated Balance Sheets

As of September 30, 2021 and September 30, 2020

(Dollars in Millions)

FY2021 FY2020

ASSETS (Note 2)

Intragovernmental:

Fund balance with Treasury (Note 3) $ 351,868 $ 136,015 

Other Intragovernmental Assets (Note 4) 114 124 

Total Intragovernmental 351,982 136,139 

Public:

Loans Receivable, Net (Note 5)

Direct Loan Program 1,104,851 1,100,544 

Federal Family Education Loan (FFEL) Program 58,246 67,380 

Other Credit Programs for higher Education 1,967 3,107 

Cash and Other Monetary Assets 1,913 1,943 

Other Assets (Note 4) 324 273 

Total Public 1,167,301 1,173,247 

Total Assets $ 1,519,283 $ 1,309,386 

LIABILITIES (Note 6)

Intragovernmental:

Debt Associated with Loans (Note 7)

Direct Loan Program $ 1,142,195 $ 1,160,099 

FFEL Program 78,254 88,986 

Other Credit Programs for higher Education 1,096 2,302 

Accounts Payable 1 - 

Other Liabilities:

Subsidy Due to Treasury (Note 8) 1,513 3,298 

Guaranty Agency Funds Due to Treasury 1,913 1,943 

Other Intragovernmental Liabilities (Note 9) 739 669 

Total Intragovernmental 1,225,711 1,257,297 

Public:

Accounts Payable 5,010 3,773 

Loan Guarantee Liabilities (Note 5) 7,496 1,123 

Other Liabilities:

Accrued Grant Liability 7,589 1,939 

Other (Note 9) 382 323 

Total Public 20,477 7,158 

Total Liabilities $ 1,246,188 $ 1,264,455 

Commitments and Contingencies (Note 14)

NET POSITION

unexpended Appropriations $ 301,798 $ 99,314 

Cumulative Results of Operations (28,703) (54,383)

Total Net Position $ 273,095 $ 44,931 

Total Liabilities and Net Position $ 1,519,283 $ 1,309,386 

The accompanying notes are an integral part of these statements.
FY 2021 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION 49

FINANCIAL STATEMENTS | FINANCIAL SECTION

U.S. Department of Education

Consolidated Statements of Net Cost

For the Years Ended September 30, 2021 and September 30, 2020 

(Dollars in Millions)

FY2021 FY2020

IMPROVE LEARNING OUTCOMES FOR ALL P-12 STUDENTS

Gross Costs $ 61,013 $ 40,145 

Earned Revenue (118) (129)

Net Program Costs $ 60,895 $ 40,016 

EXPAND POSTSECONDARY OPPORTUNITIES, IMPROVE OUTCOMES 

TO FOSTER ECONOMIC OPPORTUNITY, AND PROMOTE PRODUCTIVE CITIZENRY

Direct Loan Program

Gross Costs $ 131,088 $ 137,303 

Earned Revenue (35,673) (34,970)

Net Cost of Direct Loan Program $ 95,415 $ 102,333 

FFEL Program

Gross Costs $ 16,898 $ 5,419 

Earned Revenue (3,095) (3,108)

Net Cost of FFEL Program $ 13,803 $ 2,311 

Other Credit Programs for Higher Education

Gross Costs $ 1,673 $ 144 

Earned Revenue (1,060) (1,368)

Net Cost of Other Credit Programs for Higher Education $ 613 $ (1,224)

Non-Credit Programs

Gross Costs $ 68,994 $ 45,987 

Earned Revenue (15) (5)

Net Cost of Non-Credit Programs $ 68,979 $ 45,982 

Net Program Costs $ 178,810 $ 149,402 

Total Program Gross Costs $ 279,666 $ 228,998 

Total Program Earned Revenue $ (39,961) $ (39,580)

Net Cost of Operations (Notes 10 & 13) $ 239,705 $ 189,418 

The accompanying notes are an integral part of these statements.
50 FY 2021 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION

FINANCIAL SECTION | FINANCIAL STATEMENTS

U.S. Department of Education

Consolidated Statements of Changes in Net Position

For the Years Ended September 30, 2021 and September 30, 2020

(Dollars in Millions)

FY2021 FY2020

 Unexpended 

Appropriations

 Cumulative 

Results of 

Operations

 Unexpended 

Appropriations

 Cumulative 

Results of 

Operations

Beginning Balances $ 99,314 $ (54,383) $ 72,757 $ (76,267)

Appropriations Received 477,507 - 245,237 - 

Appropriations Transferred - In/Out (409) - (154) - 

Other Adjustments (Rescissions, etc.) (1,107) 1 (871) - 

Appropriations used (273,507) 273,507 (217,655) 217,655 

Nonexchange Revenue - 8 - 11 

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

Imputed Financing from Costs Absorbed by Others - 36 - 30 

Negative Subsidy Transfers, Downward Subsidy

Re-estimates, and Other - (8,168) - (6,394)

Net Cost of Operations - (239,705) - (189,418)

Net Change $ 202,484 $ 25,680 $ 26,557 $ 21,884 

Net Position $ 301,798 $ (28,703) $ 99,314 $ (54,383)

The accompanying notes are an integral part of these statements.
FY 2021 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION 51

FINANCIAL STATEMENTS | FINANCIAL SECTION

U.S. Department of Education

Combined Statements of Budgetary Resources 

For the Years Ended September 30, 2021 and September 30, 2020 

(Dollars in Millions) 

FY2021 FY2020

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) $ 20,772 $ 20,650 $ 17,756 $ 9,119 

Appropriations (Discretionary and Mandatory) 476,520 239 244,680 350 

borrowing Authority (Discretionary and Mandatory) (Note 12) - 129,407 - 135,589 

Spending Authority from Offsetting Collections (Discretionary and Mandatory) (206) 42,224 191 65,762 

Total Budgetary Resources $ 497,086 $ 192,520 $ 262,627 $ 210,820 

 STATUS OF BUDGETARY RESOURCES 

New Obligations and upward Adjustments (Total) $ 457,228 $ 170,268 $ 242,724 $ 188,098 

unobligated balance, End of Year: 

Apportioned, unexpired Accounts 35,815 - 16,446 - 

unapportioned, unexpired Accounts 1,931 22,252 1,822 22,722 

Unexpired Unobligated Balance, End of Year $ 37,746 $ 22,252 $ 18,268 $ 22,722 

Expired unobligated balance, End of Year 2,112 - 1,635 - 

Unobligated Balance, End of Year (Total) $ 39,858 $ 22,252 $ 19,903 $ 22,722 

Total Budgetary Resources $ 497,086 $ 192,520 $ 262,627 $ 210,820 

 OUTLAYS, NET, AND DISBURSEMENTS, NET

Outlays, Net (Discretionary and Mandatory) $ 267,076 $ 218,025 

Distributed Offsetting Receipts (-) (Note 12) (6,625) (13,610)

Agency Outlays, Net (Discretionary and Mandatory) (Notes 12 & 13) $ 260,451 $ 204,415 

Disbursements, Net (Total) (Mandatory) $ (39,881) $ (42,946)

The accompanying notes are an integral part of these statements.