U.S. Secretary of Education Miguel Cardona expressed gratitude for Richard Cordray's tenure as Chief Operating Officer of the U.S. Department of Education office of Federal Student Aid (FSA), as Cordray prepares to step down at the end of June.
Cardona commended Cordray's efforts, stating, “We are grateful for Rich Cordray’s three years of service, in which he accomplished more transformational changes to the student aid system than any of his predecessors." Cordona highlighted Cordray's achievements in fixing the broken student loan system, including programs like Public Service Loan Forgiveness and Income Driven Repayment. Cordray was instrumental in identifying 4 million borrowers eligible for loan forgiveness and overseeing the development and implementation of the SAVE Plan, described as "the most affordable way to repay your loans ever."
Furthermore, Cordona praised Cordray for revitalizing the FSA Enforcement Unit to ensure schools are held accountable for cheating students and for combating student loan scams. Cordona emphasized the significant impact of Cordray's work, stating, "It’s no exaggeration to say that Rich helped change millions of lives for the better."
Cordray will continue to serve as Chief Operating Officer until the end of his tenure in June to oversee the completion of key priorities within the organization. Cardona expressed appreciation for Cordray's dedication, saying, "As his consequential tenure comes to an end, we thank Rich for his tireless work and commitment to provide the service that our students, families, and institutions deserve."
