Richard Cordray
Chief Operating Officer
U.S. Department of Education
Sector: Unspecified
Richard A. Cordray is the chief operating officer for the U.S. Department of Education Office of Federal Student Aid (FSA). FSA administers the federal student aid programs, which — in fiscal year 2022 — provided more than $111 billion in federal grants, loans, and work-study funds to nearly 10 million students attending approximately 5,500 postsecondary institutions. In total, FSA manages a federal student loan portfolio valued at more than $1.6 trillion, representing more than 45 million customers. Cordray is responsible for FSA’s strategic and operational management. Since his appointment in May 2021, Cordray has overseen significant changes to the federal student aid programs, including stronger standards for performance, transparency, and accountability for its student loan servicers aimed at protecting borrowers. Under Cordray’s leadership, FSA reestablished its Enforcement Office to increase focus on investigating problem schools that pose the most risk to students and taxpayers, requiring greater accountability by owners of schools when the institutions fail to follow program participation rules, and partnering with state officials — including attorneys general, banking regulators, and student loan ombuds offices — to collaborate on potential investigations and enforcement actions.