In a letter addressed to staff and obtained by CNN, Richard Cordray, the head of the Federal Student Aid (FSA) office, announced his departure. Cordray, who has been under fire for the botched rollout of this year's college financial aid form, will not continue in his role for another three-year term.

Cordray has served as the chief operating officer of FSA in the Department of Education since May 4, 2021. He will remain in his position until June to assist with the transition. However, his departure comes amidst mounting criticism over problems with the new version of the Free Application for Federal Student Aid, or FAFSA, released late last year.

The FAFSA rollout has been riddled with delays and technical glitches, leaving millions of students waiting to learn how much college will cost them this fall. Concerns have been raised that low-income students may be discouraged from enrolling due to these issues.

Earlier this month, Cordray faced scrutiny during a hearing held by the House Committee on Education and the Workforce regarding the FAFSA rollout. Justin Draeger, president of the National Association of Student Financial Aid Administrators, expressed that there would be significant consequences for professionals who caused similar financial aid delays on their campuses.

The committee, led by Republican Rep. Virginia Foxx of North Carolina, voiced their stance that "It's time for Richard Cordray to go." This sentiment was shared by critics who believe the Department of Education prioritized student loan forgiveness policies at the expense of the FAFSA overhaul.

Education Secretary Miguel Cardona, however, commended Cordray's work in improving the student loan program and holding schools accountable for defrauding students. Cordona did not touch upon the FAFSA overhaul in his statement.

During his tenure, Cordray oversaw various milestones in the federal student loan system. The Department of Education authorized the cancellation of around $153 billion in federal student loan debt for 4 million borrowers, while also expanding debt cancellation for permanently disabled borrowers and the Public Service Loan Forgiveness program.

The FSA faced the challenge of addressing a backlog of debt relief applications that had accumulated during the previous administration, from borrowers who claimed they were defrauded by for-profit colleges. Cordray's leadership also led to the introduction of the new income-driven repayment plan, SAVE (Saving on a Valuable Education), which offers favorable terms for low-income student loan borrowers.

The much-anticipated overhaul of the FAFSA was authorized by congressional legislation in 2019 and 2020. The objective was to simplify the form and expand eligibility for federal student aid, particularly for low-income students.

However, the rollout encountered numerous complications. The form was released significantly later than usual, and technical issues plagued its accessibility and submission process. As a result, FAFSA completions among high school seniors currently stand at a concerning 36% decrease compared to the previous year, according to the National College Attainment Network.

Furthermore, colleges did not receive any FAFSA information until March due to problems on the backend and last-minute changes to the aid calculation. Errors in the information further necessitated reprocessing of many FAFSA forms. Consequently, many students and families are still awaiting information on college costs for the upcoming academic year, despite the approaching May college decision deadline.

The Biden administration has attributed these delays to the immense undertaking of the FAFSA overhaul, which involved transforming the form, calculations, and backend processing system. They have expressed frustration at the lack of funding provided by Congress to support the implementation.

Lawmakers from both sides of the aisle have criticized the Department of Education for the FAFSA delays, leading to an investigation by the Government Accountability Office.

Cordray's departure marks a significant change in leadership for the FSA as the office navigates the challenges of improving the FAFSA system and ensuring smooth financial aid processes for students.