It is ED, not DOE. DOE is the Department of Energy.
ED has a staff of about 4,000. That is incredibly small. Including guaranteed loans, that means that the average ED employee manages about $100 million. Obviously, many ED employees do not manage any money, so there are employees with absolutely insane money management loads.
They add about 0.1% or 0.2% in overhead. You might think that low overhead means low waste, but the overhead also is the force against waste. With such low overhead, there is no one to track down the waste.
Also there is no one to read the reports, and studies, finding the good ideas. Good ideas are discovered, but never communicated, because we have no one to communicate them to.