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The head of federal financial aid is leaving the Department of Education after a disastrous overhaul of the Free Application for Federal Student Aid (FAFSA) left students and families in limbo for months. .
DOE officials announced that Richard Cordray, chief operating officer for federal student aid, will resign at the end of June, USA Today reported on Friday.
The bipartisan spending bill passed in December 2020 included legislation aimed at reforming and streamlining the bill filing process. Free Application for Federal Student Aid (FAFSA) in advance of the 2024-25 award year.
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July 21, 2007 at the U.S. Department of Education building in Washington, DC. (Saul Loeb/AFP via Getty Images/Getty Images)
New and current students and their families must complete the FAFSA if they wish to receive federal financial aid at an institution of higher education next year.
The Department of Education's implementation of the new FAFSA process has been plagued by delays as the agency's Office of Federal Student Aid (FSA) has been unable to process FAFSA applications on time.
Students and their families have been left in the dark about possible scholarship awards, and the delays have had the effect of forcing university systems to push back deadlines for priority admissions.
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Richard Cordray, Director of the Bureau of Consumer Financial Protection, speaks in Washington on October 17, 2014. (Reuters/Larry Downing/Reuters Photo)
Mr. Cordray's announcement of his departure comes as many high school seniors across the country are still waiting for financial aid packages that were supposed to be issued by now.
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In a statement to USA Today, Cordray touted the Biden administration's significant student loan forgiveness as the biggest accomplishment of his three years at the DOE.
Student taking notes in class at Pepperdine University (Pepperdine University/FOX News)
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“During my tenure, we provided student loan forgiveness to more than 4 million borrowers and their families, made it easier for people to apply for and manage federal student aid, and helped protect against fraud against students,” said Cordray. “We have taken strong measures to hold the school accountable.”
FOX Business' Eric Revell contributed to this report.
