Student Loan Ombudsman (Student Loan Servicers and Student Financing Companies') - Financial Regulation

(Last reviewed/updated: July 30, 2024)

The Student Loan Ombudsman is the person designated by the Commissioner to serve as a connection between student loan borrowers and student loan servicers.

A Student Loan Servicer is a person, regardless of location, that is responsible for servicing a student education loan to a student loan borrower, and includes a trust entity performing or receiving the benefit of student loan servicing. Each Student Loan Servicer operating in Maryland shall designate an individual to represent the Student Loan Servicer in communications with the Student Loan Ombudsman and shall provide contact information for that individual. Definitions and provisions related to the obligations of student loans servicers are found in Md. Code Ann., Fin. Inst. §2-104.1(b)(2).

NOTE: A Student Loan Servicer shall promptly update the Student Loan Ombudsman upon any change in the information related to the Student Loan Servicer’s designated representative.

A Student Financing Company (SFC) is an entity engaged in the business of securing, making, or extending student financing products. An SFC includes any purchaser, assignee, or holder of student financing products. Student financing products are defined under Maryland Law as being any financing extended to a consumer expressly, in whole or in part, for postsecondary educational purposes. Student Financing Companies must register with OFR via NMLS and report student financing data using the forms found at the links below beginning March 15, 2024. They must renew that registration and make those reports before March 15th each year thereafter. OFR released initial guidance and supplemental guidance for SFCs. Definitions and provisions related to the obligations of SFC’s are found in Md. Code Ann., Fin. Inst. §12-1101 et. Seq.

Additional Information and Documents

Laws, Rules, and Regulations

A Student Loan Servicer is expected to know about and comply with their obligations under Maryland law when servicing student education loans in Maryland, and any other applicable State or Federal statutes, rules, and regulations.

Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include, but are not necessarily limited to: