Student loan regulation in Massachusetts
- The DOB has regulatory authority over state-chartered banks and credit unions providing student loans in Massachusetts.
- Small lenders that have made student loans less than $6,000 with an Annual Percentage Rate (APR) above 12% to Massachusetts consumers are also subject to regulation by the DOB. These small lenders must have a small loan company license from the DOB.
- The maximum interest rate for small lender student loans is 23% plus a $20 administrative fee.
Student loan repayment
Missing payments on a federal or private student loans is harmful your credit rating. Missing a single payment on a student loan can also result in late fees, additional interest charges, and can increase the cost of repayment.
If you have questions about repaying student loans, visit the Consumer Financial Protection Bureau's Repay Student Debt Guide for tips and tools on optimizing how consumers are able to pay off student loans. The interactive guide is a valuable tool for repaying student loans in all types of situations, even in default.
Relevant statutes and regulations about student loans
Additional consumer resources
- National Student Loan Data System
- BankRate's Student Loan Calculator
- Consumer Financial Protection Bureau (CFPB) Complaint Center
- CFPB Paying for College Center
- CFPB Repay Student Debt Guide
- U.S. Department of Education
- Federal Student Aid: An Office of the U.S. Department of Education
- Federal Direct Consolidation Loans
- Request a Free Credit Report
- Glossary of Student Loan Terms
- American Student Assistance: More Knowledge for College-and Beyond