James Runcie, COO of the Office of Federal Student Aid (FSA), reported Wednesday that the agency administered approximately $127 billion in aid and loans to students in fiscal year 2015 and holds $1.2 million in student loan debt.
Runcie told the House of Representatives Education and Workforce Committee that the operations of the government agency tasked with managing every federal loan, grant, work study, and repayment program under Title IV of the Higher Education Act “had expanded considerably since 2007.”
Kathleen S. Tighe, inspector general of the Department of Education, noted at the hearing that FSA delivered $82 billion in student aid in 2008.
“During the same time period, the portfolio of federal loans has grown from $359 billion to more than $1.2 trillion, making FSA one of the largest financial institutions in the country,” she said.
