Member-only story
Student Loan Borrowers Just Got a Friend in the White House
Who is Richard Cordray, and how will he shape the future of student loans?
Anyone who has dealt with student loans, especially in the past 20 years, knows that the Department of Education, and the federal loan servicers (Nelnet, Great Lakes, etc.) haven’t exactly been winning the hearts and minds of borrowers.
From the PSLF debacle to reversed loan forgiveness judgements, most news about student loans was bad news.
And while there is still a quasi-disaster looming due to the $1.55 trillion in outstanding student loan debt, borrowers can take heart that Richard Cordray was just hired by the Biden administration to be the new “student loan czar”, i.e. the Chief Operating Officer of the Office of Federal Student Aid (FSA).
Who is Richard Cordray?
In short, Cordray is a true believer in his fight against those ever-present Biblical villains, the moneylenders.
- When he was the Ohio Attorney General, he investigated fraudulent mortgage foreclosure process and sued Bank of America for misleading it investors when purchasing Merrill Lynch during the financial crisis of 2007–2008.
- When he was first director of the newly created Consumer…
