News & Analysis as of

Loan Servicer Students

Orrick, Herrington & Sutcliffe LLP

District Court approves $3.65 mil. settlement against student loan servicer

On June 24, the U.S. District Court for the Western District of Pennsylvania approved a class action settlement involving student loan borrowers brought against a student loan servicer....more

Orrick, Herrington & Sutcliffe LLP

Student loan servicer fined $1.8 million by Massachusetts Attorney General

On January 11, the Massachusetts Attorney General (AG) announced a $1.8 million settlement with a student loan servicer, to resolve allegations that the company did not properly communicate Income-Driven Repayment (IDR) plan...more

Troutman Pepper

California Publishes Notice of Second Modifications to Proposed Rulemaking Regulating Student Loan Servicing

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As reported here, on September 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) published a notice of rulemaking action, proposing amendments to the Student Loan Servicing Act....more

Ballard Spahr LLP

Oregon finalizes student loan servicer regulations with July 1 effective date

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On June 27, the Oregon Department of Consumer and Business Services’ (“Department”) Division of Financial Regulation (“Division”) finalized new regulations implementing Senate Bill 485, which requires companies to obtain a...more

Ballard Spahr LLP

Louisiana enacts new requirements for student loans

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On June 18, 2022, Louisiana’s Governor signed into law two new bills that impose new requirements for student loans.  Both bills are effective on August 1, 2022....more

Ballard Spahr LLP

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

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With Colorado’s private education lender registration scheduled to take effect on September 1st, the Colorado Department of Law has just announced that they intend to bring a new group within their jurisdiction: private...more

Ballard Spahr LLP

California Student Borrower Bill of Rights Becomes Law

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California Governor Gavin Newsom has signed into law the Student Borrower Bill of Rights, AB 376, as part of a package of consumer protection legislation. He simultaneously signed AB 1864, which creates the Department of...more

Bradley Arant Boult Cummings LLP

5th Circuit Joins the Growing Crowd Holding that Private Student Loans May be Dischargeable in Bankruptcy

The Fifth Circuit’s recent decision in Crocker v. Navient Solutions is a stark reminder to for-profit student lenders and servicers that bankruptcy caselaw continues to evolve relating to discharge. In Crocker, the Fifth...more

Alston & Bird

Massachusetts Poised to Regulate Student Loan Servicers

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A&B ABstract: Amid growing concerns of a student loan crisis, proposed Massachusetts H. 3977 is worth watching....more

Jones Day

A New Frontier: Massachusetts Steps Up Its Focus on Student Loan Servicers

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The Situation: Student loan debt in the United States stands at an all-time high of approximately $1.5 trillion spread across more than 44 million borrowers. According to some observers, Massachusetts ranks 12th among states...more

Hudson Cook, LLP

Regulation of Student Loan Servicers - Recent Enactments and a Look Ahead at Pending Legislation

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The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more

Alston & Bird

New Jersey Joins Other States Regulating Student Loan Servicers

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A&B Abstract - New Jersey recently enacted its own version of a Student Loan Bill of Rights, which requires the licensing of any person acting “directly or indirectly” as a student loan servicer. ...more

Alston & Bird

Will Maine Begin to Regulate Passive, Secondary Market Investors in Student Loan Debt?

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A&B Abstract:  Maine’s New Student Loan Bill of Rights requires the licensing of any person acting as “directly or indirectly” as a student loan servicer.  ...more

Hinshaw & Culbertson LLP

Illinois Student Loan Bill of Rights Becomes Law

On November 8, 2017, the Illinois House of Representatives voted 98-16 to override Governor Bruce Rauner's veto of the Illinois Student Loan Bill of Rights. The IL student loan bill provides for the licensing of student loan...more

Hinshaw & Culbertson LLP

Student Loan Servicing Regulations: 50 State Guide on Laws and Legislation – First Edition

Preface - The following summary of current state law and pending legislation regarding student loan servicing as of June 1, 2017, is designed to serve as a tool to assist in understanding the breadth of state regulations...more

Ballard Spahr LLP

CFPB discusses handling of student loan partial prepayments by servicers

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In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more

Ballard Spahr LLP

Rohit Chopra from CFPB focuses on student loan modifications at ABA Consumer Financial Services Committee program in Chicago

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I attended a program this morning entitled “All I Need to Know I Learned from the Government: A Look at the Regulatory and Enforcement Landscape for Student Lending.” Among the panelists was Rohit Chopra. Rohit serves as an...more

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