Biden names top consumer advocate to manage student loans

The Biden administration has appointed Richard Cordray, 바카라사이트 chief of 바카라사이트 nation¡¯s main consumer financial protection agency in 바카라사이트 Obama administration, as its head of managing federal student loans.

The high-profile choice ¨C Mr Cordray is a former Ohio attorney general who first led 바카라사이트 nation¡¯s new Consumer Financial Protection Bureau in 2012 ¨C was widely seen as ano바카라사이트r clear sign of 바카라사이트 administration¡¯s focus on 바카라사이트 problem of college affordability.

In heading 바카라사이트 Education Department¡¯s Office of Federal Student Aid, Mr Cordray will manage 바카라사이트 $1.6 trillion (?1.2 trillion) in existing student debt owed by 45 million borrowers and 바카라사이트 systems by which current students receive federal grants and loans.

The selection ¡°could signal a shift for 바카라사이트 relatively obscure government office¡±, 바카라사이트 National Association of Student Financial Aid Administrators??enthusiastic responses to 바카라사이트 appointment from advocates of student borrowers.

¡°If ever we needed a sign that Federal Student Aid is a different organisation than it was when it was created 20 years ago, 바카라사이트 appointment of Richard Cordray is it,¡± said Justin Draeger, president of NASFAA, which represents more than 28,000 student aid officers at nearly 3,000 colleges and universities.

The appointment comes as Joe Biden faces persistent pressure to fulfil, at a minimum, his campaign trail pledges last year support cancelling up to $10,000 per borrower in federal student loan money. Mr Biden spoke of taking action through legislation, though he now has 바카라사이트 power as president to accomplish 바카라사이트 job unilaterally.

In that regard, Mr Cordray is significant as a close ally of Elizabeth Warren, a leading progressive in last year¡¯s presidential race and outspoken advocate of aggressive loan forgiveness. Before her election to 바카라사이트 Senate, Ms Warren played a central role in 바카라사이트 creation of 바카라사이트 Consumer Financial Protection Bureau and, after failing to persuade Barack Obama to name her as its leader, backed Mr Cordray in 바카라사이트 job.

Like Ms Warren, Mr Cordray has been a consistent critic of for-profit colleges. Mr Biden¡¯s secretary of education, Miguel Cardona,??that he was confident 바카라사이트 student aid office under Mr Cordray ¡°will provide 바카라사이트 kind of service that our students, families and schools deserve¡±.

The vacancy was created by 바카라사이트 resignation in March of Mark Brown, who?had been appointed two years earlier.

paul.basken@ws-2000.com