On May 15, 2018, Governor Larry Hogan signed into regulation the Financial Consumer Protection Act of 2018 (2018 Md. Laws 732) (“Act”). The Act established a Student Loan Ombudsman (“Ombudsman”) designated by the Commissioner of Financial Regulation. The Act requires the Ombudsman to observe student loan servicing exercise in Maryland, and units forth varied duties of the Ombudsman.
The Ombudsman will function a liaison between student loan debtors and student loan servicers. The Act requires student loan servicers working in Maryland to: (a) designate a person to signify the student loan servicer in communications with the Ombudsman, and (b) present the designee’s identify, telephone quantity, and e-mail handle to the Ombudsman.
The Ombudsman will obtain and overview complaints from student loan debtors and try and resolve these complaints. The Ombudsman might refer any matter that’s abusive, unfair, misleading, or fraudulent to the Maryland Office of the Attorney General for civil enforcement or legal prosecution.
What steps ought to I take if I’ve a criticism with a student loan servicer?
In order that will help you decide how finest to resolve your criticism, view our sources web page, which is able to help you in figuring out how finest to resolve your difficulty along with your student loan servicer, together with file a criticism with the Ombudsman utilizing the Student Loan Consumer Complaint Form.
Read the Student Loan Borrower’s Bill of Rights
Download our Student Loan Ombudsman brochure
Download the Student Loan Ombudsman Report for Year Ending 2020
Student Loan Ombudsman
Office of the Commissioner of Financial Regulation
Maryland Department of Labor
500 North Calvert Street, Suite 402
Baltimore, MD 21202
By e-mail: [email protected]