Former Credit, Prepaid-Card Executive to Lead U.S. Student Loan Program

"Education Secretary Betsy DeVos on Tuesday tapped a former credit card and prepaid-card executive to lead the U.S. government's $1.4 trillion student loan program, replacing the chief operating officer who resigned last month," The New York Times reports

"DeVos said her choice, A. Wayne Johnson, 'will bring a unique combination of CEO-level operating skills and an in-depth understanding of the needs and issues associated with student loan borrowers and their families.'

The financial aid sector gave the announcement a careful reception, with the National Association of Student Financial Aid Administrators, or NASFAA, saying it looked forward to learning more about Johnson's views. Critics blasted Johnson's corporate past.

The student loan program touches the lives of 42 million borrowers. According to NASFAA, its size would put it in fifth place on the Federal Reserve's list of the largest U.S. holding companies, just behind Citigroup. That makes it a top issue across the country."

NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 6/21/2017

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