ARTICLE · 17 MARCH 2025

2024 Year In Review: Student Lending

Goodwin Procter LLP

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Regulators will likely continue to focus on junk fees and purported deceptive or nontransparent practices related to student loan servicing.

United StatesConsumer Protection

Christina L. Hennecken

Matthew L. Riffee

Sabrina Rose-Smith

Courtney L. Hayden

Viona J. Harris

Chenxi (CC) Jiao

Kelsey Pelagalli

+2 more

Looking Ahead to 2025

Regulators will likely continue to focus on junk fees and purported deceptive or nontransparent practices related to student loan servicing. We also anticipate there will be additional actions brought pursuant to the newly implemented Federal Trade Commission (FTC) Impersonation Rule.

Key Trends From 2024

Goodwin tracked seven enforcement actions related to student lending in 2024, a more-than-threefold increase from the two enforcement actions Goodwin tracked in 2023 and a reverse in trend of decreasing volume in enforcement actions in each year from 2021 to 2023. As predicted, enforcement activity increased once the COVID-19-era moratoriums on student loan payments were lifted and payments were due again around October 2023. The tracked actions resulted in total recoveries of approximately $126 million (of which $120 million was recovered in a single settlement), representing a significant increase over the $8.6 million in recoveries

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