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ARTICLE · 18 OCTOBER 2019

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

Jones Day
Jones Day
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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.

United StatesFinance and Banking
Matthew Martel
Matthew Martel
Joseph Sconyers
Joseph Sconyers
Keith M. Kollmeyer
Keith M. Kollmeyer
Emily Robey-Phillips
Emily Robey-Phillips
Author LinkedIn connections

In Short

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 with the highest student debt burden, with average debt exceeding $30,000 per borrower. Against this backdrop, Massachusetts and other states have aspired to a larger regulatory and enforcement role with respect to student loan servicers, the industry participants with the closest relationship to borrowers.

The Issue: Two current developments in Massachusetts have significant implications for student loan servicers: (i) state lawmakers are considering enacting a "student loan bill of rights" that would establish state-level regulations specifically aimed at servicers; and (ii) Massachusetts Attorney General Maura Healey has increased enforcement activities against servicers.

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