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Richard Cordray, the chief operating officer of Federal Student Aid, is leaving the agency after facing calls from congressional Republicans to resign over the botched implementation of the Free Application for Federal Student Aid.
Cordray will lead the agency until the end of June “to oversee the completion of key priorities within the organization,” the Department of Education said in a news release late Friday morning. Education Secretary Miguel Cardona praised Cordray's leadership of the agency as “consequential.”
Friday's announcement comes as the department works to resolve various issues and fallout from the new FAFSA. Cordray's departure will also add to the leadership churn at Federal Student Aid, the agency within the department that administers the FAFSA and student loan programs. Cordray is the third person in seven years to serve as Chief Operating Officer of Federal Student Aid. This ostensibly apolitical work has become increasingly politicized in recent years as the agency's leadership changes with each new presidential administration.
“During my tenure, we have provided student loan forgiveness to more than 4,000,000 borrowers and their families. Made it easier for people to apply for and manage federal student aid. We have taken strong action to hold schools accountable for defrauding their students,” Cordray said in a statement. “I agreed to stay for a while to help with the transition.”
Cordray's three-year term ends in early May and he has decided not to continue in office, according to department officials.
Cordray, a former Ohio attorney general and former director of the Consumer Financial Protection Bureau, took over the Federal Student Aid Administration in May 2021. As chief operating officer, he oversaw the restart of student loan payments, the Biden administration's debt relief efforts and other tasks. project. As the scale of the FAFSA fiasco became clear, congressional Republicans blamed him and called for his ouster.
“It’s time for Cordray to go out and for the department to wake up and realize that blindly following Biden’s agenda is causing irreparable harm to student success,” said Rep. Virginia Foxx, a North Carolina Republican and chair of the House Education and Workforce Committee. “It’s time,” he said. month.
The Ministry of Education said earlier this month that now was not the time to point fingers.
Cardona said in a statement that he was grateful for Cordray's three years of service. “He has made more transformative changes to our student support system than any of his predecessors.” The statement specifically highlighted changes to fix Public Service Loan forgiveness and income-based repayment programs. Cardona noted that Cordray has also energized the FSA executive branch.
“It is no exaggeration to say that Rich has helped change the lives of millions of people for the better,” Cardona said.
Is there one project missing from Cordray's list of accomplishments? FAFSA.