ARTICLE · 23 FEBRUARY 2024

2023 Year In Review: Student Lending

Goodwin Procter LLP

Explore more from Goodwin Procter LLP

Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.

United StatesFinance and Banking

Sabrina Rose-Smith

Matthew L. Riffee

Christina L. Hennecken

Courtney L. Hayden

Viona J. Harris

Kelsey Pelagalli

Chenxi (CC) Jiao

+2 more

Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.

Looking Ahead to 2024

The CFPB will likely continue to focus on junk fees, nontransparent and other "illegal" practices relating to student loan servicing, and the hidden costs of college tuition payment plans.

Key Trends From 2023

In 2023, Goodwin tracked only two enforcement actions related to student lending, a decrease from the five actions Goodwin tracked in 2022. These actions resulted in total recoveries of approximately $8.6 million, a marked decrease from the $1.9 billion in recoveries in 2022 and $55 million in 2021. States also took on a robust role in ensuring compliance by student loan servicers in 2023, with several states recently tightening their controls around student lending, including California, Connecticut, and Maine, as described in more detail below.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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