250 - Education Department

Overview The Education Department (ED) was created in 1980. ED is the smallest of the 15 cabinet-level agencies in terms of government staff with less than 4,000 employees, yet has significant financial responsibilities under its annual $59 billion budget. When referring to financial matters, ED speaks in terms of a balance sheet, which currently exceeds $1 trillion. Its largest “asset” is a portfolio of student loans, which includes the collection of principal and interest. The second largest item on the balance sheet is grants to states, most of which go toward elementary and secondary education, awarded on a legislated formula basis. The third is student aid, which helps… Read More