Warren Probes Private Student Loan Servicer Amid Trump Administration’s Erosion of Private Student Borrower Protections
“Goal’s past work for NCSLT, paired with the Trump Administration’s recent litigation dismissals and new legislation, have significant implications for the financial health of students and families who borrow money to pursue higher education.”
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Matt Myers, the President and Chief Executive Officer of the private student loan servicer Goal Solutions, raising concerns about Goal’s role in the rapidly growing private student loan industry and their relationship with the National Collegiate Student Loan Trusts (NCSLT). Warren’s letter comes as the Trump Administration has gutted the Consumer Financial Protection Bureau and stopped its work to curb predatory student loan servicing by entities like Goal.
“I am concerned about Goal’s role in private student lending in light of recent market trends and the vacuum of student loan borrower protection enforcement due to the Trump Administration’s dismantling of the Consumer Financial Protection Bureau (CFPB),” Ranking Member Warren wrote. “Your response will help Congress carry out its legislative responsibilities in addressing the erosion of private student borrower protections.”
Ranking Member Warren expressed concern that loan servicers like Goal were complicit in abusing student loan borrowers: “Even though Goal itself was not directly mentioned in CFPB’s actions, it notably serviced —and continues to service —all 15 of the NCSLT trusts that CFPB investigated.”
The Ranking Member continued: “Shortly after taking office, President Trump’s new Director of the Office of Management and Budget Director (OMB) and Acting Director of the CFPB, Russell Vought dropped CFPB’s lawsuit—and by extension the settlement—with prejudice. As a result, NCSLT can continue working with its partners, like Goal to engage in predatory practices that harm borrowers with impunity.”
The Ranking Member raised the alarm over the effects of the Trump Administration’s erosion of private student borrower protections on students and families: “Goal’s past work for NCSLT, paired with the Trump Administration’s recent litigation dismissals and new legislation, have significant implications for the financial health of students and families who borrow money to pursue higher education.”
The Ranking Member concluded by calling for Goal to clarify their work with NCSLT and provide specifics on their processes for delinquent borrowers no later than November 6, 2025.
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