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The Education Department announced Monday that Richard Cordray will serve as the next chief operating officer of the Office of Federal Student Aid.

Cordray was the first director of the Consumer Financial Protection Bureau and served in the role for six years. Prior to that, he was Ohio's attorney general.

"Cordray has a strong track record as a dedicated public servant who can tackle big challenges and get results," said Education Secretary Miguel Cardona in a statement. "I am confident that under his leadership, Federal Student Aid will provide the kind of service that our students, families, and schools deserve."

Cordray will bring "political and practical experience unlike any previous FSA chief operating officer," said Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators, adding that Cordray will need those skills to address the challenges facing student borrowers.

"If ever we needed a sign that Federal Student Aid is a different organization than it was when it was created 20 years ago, the appointment of Richard Cordray is it," Draeger said.