Pursuant to N.J.S.A. 17:16ZZ-15a, all Student Loan Servicer licensees are required to file an annual report to the Department of Banking and Insurance. Licensees are required to file an annual report after each calendar year in which they were licensed. Because you were licensed in 2023, you are required to file an annual report in 2024 even if you did not conduct any business in 2023, and even if you ceased doing the business activities for which you were licensed in New Jersey in 2023.  

If you have any questions about filing your annual report, please e-mail Consumer Finance Annual Reports at bankingannualreports@dobi.nj.gov.

Thank you in advance for your cooperation in this important matter.

Will a Student Loan Servicer be required to file an annual report?
A Student Loan Servicer is required to file an annual report with the Division of Banking. The report must be filed for the period of January 1, 2023 through December 31, 2023.

What is included in the Student Loan Servicer annual report?
The Student Loan Servicer Annual Report includes:

• A balance sheet, revenue statement, expense statement, and statement of capital;
• the number of student loans the student loan servicer serviced, broken down by:
  • Private Loans
  • Federal Direct Loans
  • FFELP Loans
  • Other
• the number of serviced student loans serviced by:
  • In School
  • Grace
  • Regular Repayment
  • Income Based Repayment
  • Modified Terms
  • Deferment
  • Default
  • Other
• Complaint Information

Is there a filing deadline for the annual report?
All annual reports must be filed no later than May 1, 2024 for the January 1, 2023 to December 31, 2023 reporting period.

If I hold a Federally Contracted Student Loan Servicer license and a Student Loan Servicer License, do I need to file two reports?
No, the reports contain comprehensive information about both private and federal loan servicing. If you hold two licenses there is only a need to file one report.