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FY 2025 Agency Financial Report (AFR)

January 22, 2026

Full Document PDF

Message from the Secretary PDF

Message from the Federal Student Aid Chief Operating Officer PDF

Management's Discussion and Analysis PDF

  • About the Department/Key Performance Results/Significant Opportunities and Risks PDF
  • Kindergarten through grade 12 PDF
  • Federal Student Aid PDF
  • Federal Student Aid Credit Programs PDF
  • Federal Student Aid Non-Credit Programs PDF
  • Other Higher Education Programs PDF
  • Secretary’s Statement of Assurance/Analysis of Systems, Controls, and Legal Compliance PDF

Financial Section PDF

  • About the Financial Section PDF
  • Message from the CFO PDF
  • The Consolidated Balance Sheet PDF
  • Notes to the Consolidated Balance Sheet PDF
  • Report of the Independent Auditors PDF

Other Information (Unaudited) PDF

  • About the Other Information Section PDF
  • Consolidated Statement of Net Cost, Changes in Net Position, and Combined Statement of Budgetary Resources PDF
  • Note to the Financial Consolidated Statement of Net Cost, Changes in Net Position, and Combined Statement of Budgetary Resources PDF
  • Required Supplementary Information PDF
  • Memo From the Office of Inspector General PDF
  • Office of the Inspector General’s Management and Performance Challenges for Fiscal Year 2026 PDF
  • Summary of Financial Statement Audit and Management Assurances PDF
  • Payment Integrity Information Act Reporting PDF
  • Civil Monetary Penalty Adjustment for Inflation PDF
  • GONE Act of 2016 Reporting PDF

Appendices PDF

Office of Finance and Operations (OFO)
Page Last Reviewed:
March 19, 2026