Virginia and Massachusetts Add Student Loan Service Licenses to NMLS | Weiner Brodsky Kider PC

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Virginia and Massachusetts recently added student loan service licenses to the Nationwide Multi-State Licensing System (NMLS).

In 2020, Virginia adopted law this, inter alia, requires that qualified education loan professionals be licensed on and after July 1, 2021. In Virginia, “qualified education loan practitioner” means any person who grants an education loan to a qualified education loan borrower, including a loan. made to refinance a loan for a qualified education. In addition, a “qualified education loan” is defined as any loan that is primarily used to finance post-secondary education and the cost of studying at a public or private post-secondary education institution. As noted above, the Virginia Qualified Education Loan Service License is now available through NMLS

Similarly, in January 2021, Massachusetts enacted law this, inter alia, requires that those servicing student loans be licensed. Please note that a “student loan servicer” is defined as any person responsible for servicing a student loan to a student loan borrower. Moreover, “student loan” means a loan primarily used to fund post-secondary education or other school-related expenses. The new licensing requirement takes effect on July 1, 2021, and as stated above, the student loan service license application is now available via NMLS

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