Student Loan Ombudsman (Student Loan Servicer’s Designated Representative) - Financial Regulation
Last reviewed/updated: July 23, 2021
The Student Loan Ombudsman is the individual whom the Commissioner designates to serve as a liaison 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 furnish contact information for that individual. Refer to 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 regarding the Student Loan Servicer’s designated representative.
Laws, Rules, and Regulations
A Student Loan Servicer is expected to be knowledgeable about and in compliance 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:
- Maryland Code, Financial Institutions Article, Title 2, Subtitle 1, Section 2-104.1 (Student Loan Servicers)