U.S Secretary of Education Miguel Cardona said he was thrilled with the selection of Cordray, whom he credited with “a strong track record as a dedicated public servant who can tackle big challenges and get results.”
While Cordray was director, the consumer bureau brought enforcement actions that returned more than $12 billion to 30 million Americans. He also recovered money for retirees, investors and business owners as Ohio's attorney general.
Cordray's latest appointment comes amid calls by some advocates for Democratic President Joe Biden to pursue sweeping student loan forgiveness.
In March, Cardona extended the federal government's pause 0% interest rate and pause on repayment to not only those whose loans are held by the federal government but to 1.1 million borrowers who had defaulted on privately held loans. That included more than 800,000 who were at risk of having their tax refunds seized to repay a defaulted loan.