FINANCIAL SECTION | FINANCIAL STATEMENTS

42 FY 2020 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION

United States Department of Education 

Consolidated Balance Sheets 

As of September 30, 2020 and September 30, 2019 

(Dollars in Millions)

FY 2020 FY 2019

ASSETS (Note 2)

Intragovernmental:

Fund Balance with Treasury (Note 3) $ 136,015 $ 104,918 

Other Intragovernmental Assets (Note 4) 124 66 

Total Intragovernmental 136,139 104,984 

Public:

Credit Program Receivables, Net (Note 5)

Direct Loan Program 1,100,544 1,123,707 

FFEL Program 67,380 76,767 

Other Credit Programs for Higher Education 3,107 2,982 

Other Assets (Note 4) 2,216 2,256 

Total Public 1,173,247 1,205,712 

Total Assets $ 1,309,386 $ 1,310,696 

LIABILITIES (Note 6)

Intragovernmental:

Debt (Note 7)

Direct Loan Program $ 1,160,099 $ 1,192,138 

FFEL Program 88,986 94,671 

Other Credit Programs for Higher Education 2,302 2,196 

Subsidy Due to Treasury General Fund (Note 8) 3,298 10,302 

Other Intragovernmental Liabilities (Note 9) 2,612 2,686 

Total Intragovernmental 1,257,297 1,301,993 

Public:

Other Liabilities (Note 9) 7,158 12,213 

Total Liabilities $ 1,264,455 $ 1,314,206 

Commitments and Contingencies (Note 14)

NET POSITION

Unexpended Appropriations $ 99,314 $ 72,757 

Cumulative Results of Operations (54,383) (76,267)

Total Net Position $ 44,931 $ (3,510)

Total Liabilities and Net Position $ 1,309,386 $ 1,310,696 

The accompanying notes are an integral part of these statements.
FINANCIAL STATEMENTS | FINANCIAL SECTION

FY 2020 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION 43

United States Department of Education 

Consolidated Statements of Net Cost 

For the Years Ended September 30, 2020 and September 30, 2019

(Dollars in Millions)

FY 2020 FY 2019

IMPROVE LEARNING OUTCOMES FOR ALL P–12 STUDENTS

Gross Costs $ 40,145 $ 38,732 

Earned Revenue (129) (42)

Net Program Costs $ 40,016 $ 38,690 

EXPAND POSTSECONDARY OPPORTUNITIES, IMPROVE OUTCOMES TO FOSTER 

ECONOMIC OPPORTUNITY, AND PROMOTE PRODUCTIVE CITIZENRY

Direct Loan Program

Gross Costs $ 137,303 $ 96,696 

Earned Revenue (34,970) (33,817)

Net Cost of Direct Loan Program $ 102,333 $ 62,879 

FFEL Program

Gross Costs $ 5,419 $ 15,759 

Earned Revenue (3,108) (2,870)

Net Cost of FFEL Program $ 2,311 $ 12,889 

Other Credit Programs for Higher Education

Gross Costs $ 144 $ 121 

Earned Revenue (1,368) (171)

Net Cost of Other Credit Programs for Higher Education $ (1,224) $ (50)

Non-Credit Programs

Gross Costs $ 45,987 $ 40,331 

Earned Revenue (5) (10)

Net Cost for Non-Credit Programs $ 45,982 $ 40,321 

Net Program Costs $ 149,402 $ 116,039 

Total Program Gross Costs $ 228,998 $ 191,639 

Total Program Earned Revenue $ (39,580) $ (36,910)

Net Cost of Operations (Notes 10 & 13) $ 189,418 $ 154,729 

The accompanying notes are an integral part of these statements.
FINANCIAL SECTION | FINANCIAL STATEMENTS

44 FY 2020 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION

United States Department of Education 

Consolidated Statements of Changes in Net Position 

For the Years Ended September 30, 2020 and September 30, 2019

(Dollars in Millions)

FY 2020 FY 2019

 Unexpended 

Appropriations 

 Cumulative 

Results of 

Operations 

 Unexpended 

Appropriations 

 Cumulative 

Results of 

Operations 

Beginning Balances $ 72,757 $ (76,267) $ 72,166 $ (23,360)

Budgetary Financing Sources

Appropriations Received $ 245,237 $ - $ 122,058 $ - 

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

Other Adjustments (Rescissions, etc.) (871) - (4,007) - 

Appropriations Used (217,655) 217,655 (117,460) 117,460 

Nonexchange Revenue - 11 - 15 

Other Financing Sources

Imputed Financing from Costs Absorbed by Others - 30 - 37 

Negative Subsidy Transfers, Downward Subsidy

Re-estimates, and Other - (6,394) - (15,690)

Total Financing Sources $ 26,557 $ 211,302 $ 591 $ 101,822 

Net Cost of Operations $ - $ (189,418) $ - $ (154,729)

Net Change $ 26,557 $ 21,884 $ 591 $ (52,907)

Net Position $ 99,314 $ (54,383) $ 72,757 $ (76,267)

The accompanying notes are an integral part of these statements.
FINANCIAL STATEMENTS | FINANCIAL SECTION

FY 2020 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION 45

The accompanying notes are an integral part of these statements.

United States Department of Education 

Combined Statements of Budgetary Resources 

For the Years Ended September 30, 2020 and September 30, 2019

(Dollars in Millions)

FY 2020 FY 2019

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) $ 17,756 $ 9,119 $ 18,231 $ 15,027 

Appropriations (Discretionary and Mandatory) 244,680 350 118,519 - 

Borrowing Authority (Discretionary and Mandatory) (Note 12) - 135,589 - 148,493 

Spending Authority from Offsetting Collections (Discretionary and Mandatory) 191 65,762 424 57,521 

Total Budgetary Resources $ 262,627 $ 210,820 $ 137,174 $ 221,041 

STATUS OF BUDGETARY RESOURCES

New Obligations and Upward Adjustments (Total) $ 242,724 $ 188,098 $ 120,400 $ 202,717 

Unobligated Balance, End of Year:

Apportioned, Unexpired Accounts 16,446 - 13,581 - 

Unapportioned, Unexpired Accounts 1,822 22,722 1,883 18,324 

Unexpired Unobligated Balance, End of Year $ 18,268 $ 22,722 $ 15,464 $ 18,324 

Expired Unobligated Balance, End of Year 1,635 - 1,310 - 

Unobligated Balance, End of Year (Total) $ 19,903 $ 22,722 $ 16,774 $ 18,324 

Total Status of Budgetary Resources $ 262,627 $ 210,820 $ 137,174 $ 221,041 

OUTLAYS, NET, AND DISBURSEMENTS, NET

Outlays, Net (Discretionary and Mandatory) $ 218,025 $ 116,636 

Distributed Offsetting Receipts (-) (Note 12) (13,610) (12,273)

Agency Outlays, Net (Discretionary and Mandatory) (Notes 12 & 13) $ 204,415 $ 104,363 

Disbursements, Net (Total) (Mandatory) $ (42,946) $ 40,102