Student loan servicing

Student loan servicing means:
(i)
(A) Receiving any scheduled periodic payments from a borrower or notification of such payments and
(B) Applying payments to the borrower's account pursuant to the terms of the post-secondary education loan or of the contract governing the servicing;
(ii) During a period when no payment is required on a post-secondary education loan,
(A) Maintaining account records for the loan and
(B) Communicating with the borrower regarding the loan, on behalf of the loan's holder; or
(iii) Interactions with a borrower, including activities to help prevent default on obligations arising from post-secondary education loans, conducted to facilitate the activities described in paragraph (i) or (ii) of this definition.
(b) Test to define larger participants. A nonbank covered person that offers or provides student loan servicing is a larger participant of the student loan servicing market if the nonbank covered person's account volume exceeds one million.

Source

12 CFR § 1090.106

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Scoping language

Market-related definitions. As used in this subpart:

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