U.S. Secretary of Education Margaret Spellings has designated the Department's Chief Financial Officer Lawrence Warder as Acting Chief Operating Officer of Federal Student Aid (FSA) effective today.
FSA was created by Congress in 1998 as a performance-based organization and delivers approximately $77 billion of financial aid each year to more than 10 million students and their families. In January 2005, its student aid programs were removed from the GAO High-Risk designation list after 15 years. Today, FSA delivers more aid to more students at a lower operating cost with greater accuracy than at any point in its history. In addition, FSA has continued to reduce the default portion of the student loan portfolio by nearly 40 percent since FY2000, at the same time that the overall outstanding student loan portfolio doubled.
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