Additionally, Federal Student Aid is responsible for enforcing the financial aid rules and regulations required by the Higher Education Act of 1965 and the U.S. Department of Education and managing the outstanding federal student loan portfolio.
In 2021, U.S. Education Secretary Miguel Cardona appointed Richard Cordray, the former head of the U.S. Consumer Financial Protection Bureau (CFPB), to the post of chief operating officer of Federal Student Aid.
[citation needed] Another key role the organization performs is ensuring students and their families are aware that financial aid is available and is an important first step to education beyond high school.
Federal Student Aid distributes numerous publications both in print and online and runs several customer call centers.
Federal Student Aid provides financial assistance to students enrolled in eligible programs at participating postsecondary schools (accredited four-year or two-year public or private educational institutions, career schools or trade schools) to cover the cost of education expenses, including tuition and fees, room and board, books and supplies, and transportation.