The U.S. Department of Education (ED) announced today that it has selected Richard Cordray as the Chief Operating Officer of Federal Student Aid. Cordray is the former Director of the Consumer Financial Protection Bureau and the former Attorney General of Ohio. Federal Student Aid is responsible for managing the student financial assistance programs authorized under Title IV of the Higher Education Act of 1965, including grants, work-study and loans for students attending college or career school.
U.S Secretary of Education Miguel Cardona issued the following statement on Cordray's selection:
"I am thrilled that Richard Cordray will be joining the Department of Education as the Chief Operating Officer of Federal Student Aid. It is critical that students and student loan borrowers can depend on the Department of Education for help paying for college, support in repaying loans, and strong oversight of postsecondary institutions. Cordray has a strong track record as a dedicated public servant who can tackle big challenges and get results. I am confident that under his leadership, Federal Student Aid will provide the kind of service that our students, families, and schools deserve."
About Richard Cordray
Richard Cordray served for six years as the first Director of the Consumer Financial Protection Bureau (CFPB). During his tenure, the CFPB brought enforcement actions that returned over $12 billion to 30 million Americans. Before joining CFPB, Mr. Cordray served as Ohio's Attorney General, where he and his team recovered over $2 billion for Ohio's retirees, investors, and business owners and took major steps to protect consumers from fraudulent foreclosures and financial predators. He also served as Ohio Treasurer, as a State Representative in Ohio, and as the state's first Solicitor General.