United States Department of Education

Consolidated Statement of Financial Position

September 30, 1996 and 1995
(Dollars in Thousands)

ASSETS	1996	1995
	(unaudited)	(for comparative purposes)
Entity Assets
Intragovernmental Assets:
Fund Balances with U. S. Treasury	$37,017,481	$39,375,252
Governmental Assets:
Credit Program Receivable, Net:
Direct Loans	11,525,457	3,139,881
Defaulted Guaranteed Loans	3,223,618	3,203,028
Facilities Loans	519,027	533,086
Advances to Guaranty Agencies, Net	38,916	39,763
Accounts Receivable, Net	17,276	11,769
Investments	19,148	19,148
Total Entity Assets	52,360,923	46,321,927
Non-Entity Assets
Governmental Assets:
Guaranty Agencies' Reserves Receivable, Net	2,417,632	2,129,297
Accounts Receivable, Net	25,076	32,982
Total Non-Entity Assets	2,442,708	2,162,279
TOTAL ASSETS	$54,803,631	$48,484,206

---

LIABILITIES AND NET POSITION	1996	1995
	(unaudited)	(for comparative purposes)
Liabilities
Liabilities Covered by Budgetary Resources
Intragovernmental Liabilities:
Borrowing from U. S. Treasury	$12,718,549	$ 5,610,339
Interest Payable to U. S. Treasury	21,480	12,049
Governmental Liabilities:
Estimated Liabilities for Loan Guarantees	12,801,254	11,850,424
Guaranty Agencies' Reserves - Due to Treasury	2,417,632	2,129,297
Accrued Grant Liability	320,758	771,349
Accrued Contractual Services Liability	80,007	69,820
Accrued Salaries and Benefits	15,507	14,013
Other Accrued Liabilities	69,088	62,424
Total Liabilities Covered by Budgetary Resources	28,444,275	20,519,715
Liabilities Not Covered by Budgetary Resources
Intragovernmental Liabilities:
Borrowing from U.S. Treasury	814,457	1,134,178
Governmental Liabilities:
Estimated Liabilities for Loan Guarantees	2,217,111	1,056,039
Accrued Salaries and Benefits	21,969	20,198
Accrued Workers Compensation Liability	9,487	10,431
Total Liabilities Not Covered by Budgetary Resources	3,063,024	2,220,846
TOTAL LIABILITIES	31,507,299	22,740,561
Net Position
Unexpended Appropriations	26,263,153	27,862,535
Invested Capital	95,879	101,795
Future Funding Requirements	(3,063,024)	(2,220,846)
Donations	324	161
Total Net Position	23,296,332	25,743,645
TOTAL LIABILITIES AND NET POSITION	$54,803,631	$48,484,206

The accompanying notes are an integral part of these statements.
-###-

---

[1996 Financial Statements and Accompanying Notes] [Consolidated Statement of Operations and Changes in Net Position]