News & Analysis as of

Student Loans Ombudsman

Illinois lawmakers override governor’s veto of student loan servicing bill

by Ballard Spahr LLP on

The Illinois House of Representatives and Senate have voted to override the veto by the state’s Republican governor of Senate Bill 1351, known as the Illinois Student Loan Servicing Rights Act. ...more

D.C. belatedly releases Bill of Rights for student loan borrowers

by Ballard Spahr LLP on

The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

CFPB Student Loan Ombudsman issues sixth annual report

by Ballard Spahr LLP on

The CFPB has released the sixth annual report of the CFPB Student Loan Ombudsman containing an analysis of approximately 12,900 federal student loan complaints, 7,700 private student loan complaints, and 2,300 debt collection...more

California and Washington, D.C. issue student loan servicing regulations

by Ballard Spahr LLP on

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

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

by Hinshaw & Culbertson LLP on

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

CFPB Student Loan Ombudsman reports on handling of defaulted borrowers by servicers

by Ballard Spahr LLP on

The CFPB’s Student Loan Ombudsman has released an update setting forth the CFPB’s “preliminary observations” based on the data it received in response to a voluntary request for information sent to several of the largest...more

Student Loan Servicing Laws Enacted in Washington, D.C., Proposed in New York

by Ballard Spahr LLP on

Washington, D.C., and New York recently moved forward with efforts to license and regulate student loan servicers. In Washington, D.C., servicers of student loans made to District of Columbia residents are subject to a new...more

CFPB Student Loan Ombudsman’s fifth annual report highlights complaints about transition from default to income-driven repayment...

by Ballard Spahr LLP on

The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more

CFPB discusses handling of student loan partial prepayments by servicers

by Ballard Spahr LLP on

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

CFPB Midyear Update Signals 3 Steps Student Loan Servicers Should Consider Taking Now

As regulatory pressure on student loan servicing continues to increase, servicers are paying close attention to the steady stream of news and publications issuing from the CFPB and the Department of Education. The most recent...more

Student loan complaint update highlights IDR plan application issues

by Ballard Spahr LLP on

The CFPB’s Student Loan Ombudsman has released a new “Mid-year update on student loan complaints” that highlights issues related to income-driven repayment plan (IDR) application issues. The update covers complaints...more

Connecticut Enacts New Licensing Requirement and Prohibitions for Student Loan Servicers

by Ballard Spahr LLP on

Connecticut’s new “An Act Concerning A Student Loan Bill of Rights” creates a licensing requirement for servicers of student loans made to state residents and imposes other significant new requirements and prohibitions on...more

CFPB alerts Google to student debt relief scammers

by Ballard Spahr LLP on

Rohit Chopra, the CFPB’s outgoing Student Loan Ombudsman, has sent a letter to Google to alert the company that “student loan debt relief scammers may be targeting student loan borrowers through the company’s search...more

CFPB Student Loan Ombudsman Files Third Annual Report Highlighting Bureau’s Hot Button Issues in Student Lending

by Ballard Spahr LLP on

The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints....more

CFPB Finalizes Rule Defining “Larger Participants” of the Student Loan Servicing Market

by Goodwin on

Noting that “student loan servicing is an important activity that affects millions of consumers,” the CFPB issued a final rule allowing it to supervise certain nonbank student loan servicers for the first time. The rule...more

CFPB Issues Report on Private Student Loan Payment Processing

by Goodwin on

The CFPB Student Loan Ombudsman issued a report on more than 3,800 complaints that the CFPB received from private student loan borrowers between October 1, 2012 and September 30, 2013. The most common type of complaint...more

CFPB student loan ombudsman issues second annual report

by Ballard Spahr LLP on

Yesterday, Rohit Chopra, the CFPB’s Student Loan Ombudsman, released his Second Annual Report which analyzes approximately 3,800 complaints received by the CFPB from private student loan borrowers between October 1, 2012 and...more

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