Program Information
The Colorado Student Loan Equity Act applies to any organization engaged in servicing a student loan owed by a Colorado resident. To qualify for licensure as a federal contractor, there must be a currently operative contract awarded by the U.S. Secretary of Education under 20 U.S.C. section 108f, as amended, in place. See section 5-20-106(1), C.R.S. Otherwise, Other Servicer requirements are laid out in section 5-20-106(2) and (3), C.R.S.
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Student Loan Servicer – Federal Contractor – Initial Application Forms
Pursuant to section 5-20-106(1), C.R.S., those seeking to act as student loan servicers in Colorado who hold a contract awarded by the United States Secretary of Education, under 20 U.S.C. sec. 1087f, as amended, are exempt from the application procedures described in section 5-20-106(2), C.R.S. Servicers wishing to seek exemption from the application procedures must still submit the SLS – Federal Contractor – Initial License Application.
Student Loan Servicer – Other Servicer – Initial Application Forms
Pursuant to section 5-20-105, C.R.S., “On or after January 31, 2020, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a student loan servicing license from the Administrator.”
IMPORTANT NOTE: The above license (once issued) is valid through each January 31 regardless of the date issued and must be renewed annually. Expand the above information for specific dates for student loan servicers.
Although a license or notification expiration date may reflect the prior 1/31, the existing license shall not expire (so long as a renewal is submitted) until the renewal application has been finally acted upon by the agency, pursuant to section 24-4-104(7), C.R.S.