Overview

Recognized as one of the top national firms focused on education finance, we represent companies across all segments of the private education lending industry. With our help, clients are developing and expanding compliant private student loan programs nationwide.

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Our Education Finance Leaders

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About Us

Legal and Compliance Services

Womble Bond Dickinson is among the top U.S. firms for companies in the private education lending industry. Our attorneys advise clients on building compliant private education lending programs and on navigating rapidly evolving efforts to regulate the industry. 

Our clients provide loans for students attending conventional institutions of higher education and proprietary schools. We also advise clients who offer institutional financing, income-share agreements, securitizations, and certificate-issuing programs such as coding camps. Typically, our clients in education finance matters include: 

  • National banks    
  • State-chartered banks    
  • Credit union service organizations   
  • For-profit, non-bank financial companies    
  • State-sponsored nonprofit lenders and their for-profit affiliates

We support national lenders and loan program administrators as they prepare and implement documentation and compliance systems for private student loan programs. Our experience covers:

  • Loan programs
  • Marketing materials
  • Credit applications  
  • Promissory notes and retail installment contracts
  • Disclosures   
  • Other required documentation to comply with state and federal law
     

Compliance Audits

In addition to our experience developing and expanding private education programs, clients routinely ask us to audit their existing federal and state compliance programs. If we identify issues requiring remediation, we work with you to proactively implement changes to mitigate legal and reputational risks.

State Licensing Issues

Our education finance clients look to us for advice on state licensing issues, and we help them obtain the licenses required for their business models. Many common student loan business models take the form of bank-partner lending programs. We advise clients using that model on “true lender” issues related to the structure of those programs. In addition, our lawyers are well-versed in analyzing the applicability of state licensing laws to our education finance clients’ business activities, including the growing number of private education lender, holder, and servicer laws. Womble lawyers work hand in hand with our Licensing Team, whose members have more than 30 years of experience preparing, filing, and obtaining lender, broker, and servicer licenses.

Student Loan Marketing

We advise clients on online and offline student loan marketing issues, including preferred lender lists, lead generator and loan broker regulation, and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) issues.

Consumer Data Use and Communications

We assist clients with compliance issues related to consumer data from their own loan programs and other sources, particularly in marketing and servicing. Our experience includes developing information security programs that comply with federal Safeguard Rules and the consumer privacy laws enacted in an increasing number of states. In the event this information is impermissibly accessed, our lawyers have advised clients on investigating data security breaches and the resulting insurance, regulatory, and consumer legal issues. 

Our lawyers are highly familiar with the post-origination issues unique to education finance, including: 

•    Co-signer release requirements
•    Student loan forgiveness and associated tax implications
•    State private education lending activity reporting
•    Responses to borrowers who request information about their private loans

We also assist lenders and servicing clients in related compliance matters, including call frequency standards and content requirements for print and electronic communications.

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