The US Department of Education oversees the schools that school the nation. The agency establishes policy for the US educational system with the goal that all students receive a quality education and are prepared to compete in the global market. It evaluates the performances of schools through student assessments, holding them accountable for achievement scores and it administers federal student financial aid programs, the country's largest source of student loans. The Department of Education was formed in 1980 and is led by the secretary of education. It has an annual budget of about $68 billion.