WASHINGTON, DC – Richard Cordray, the chief operating officer of the U.S. Department of Education’s Federal Student Aid office, announced late last week that he was resigning from the agency. He is expected to formally leave his post at the end of June.
Michael Calhoun, president of the Center for Responsible Lending, issued the following statement:
Richard Cordray’s leadership was transformational. Since starting his tenure in 2021, he improved the application process for programs like Public Service Loan Forgiveness and Income Driven Repayment, helping millions of eligible borrowers receive relief. He also oversaw the development and implementation of the most affordable student loan repayment plan to date, the SAVE Plan, and fought arduously to prevent predatory lending practices in higher education.
We acknowledge his work and commitment and commend him for playing an important role in prioritizing low-income communities and helping the administration provide student debt relief to millions of borrowers. We look forward to working with Cordray's successor and emphasize the importance of continuing the momentum he has set in motion.
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Press Contact: Vincenza Previte vincenza.previte@responsiblelending.org