Student Loans in Maryland
Maryland administers numerous state scholarships through MHEC including the Howard P. Rawlings Educational Excellence Awards (need-based), the Guaranteed Access Grant for very low-income students, and various career-based scholarships for healthcare, teaching, and other public service fields. University of Maryland, UMBC, and Towson offer competitive in-state tuition.
Maryland at a glance
Population
6.2M
U.S. Census Bureau, July 1, 2025 estimate
Editorial note — Maryland
Maryland administers more than 40 separate scholarship programs through MHEC — many are career-specific (nursing, teaching, public safety). Maryland students should review the full MHEC catalog at mhec.maryland.gov before assuming only general aid is available.
Maryland state student aid authority
The state higher-ed authority, state grants and scholarships, and federal-first guidance for Maryland students.
Primary regulator
Maryland Higher Education Commission (MHEC)
Administers Maryland state financial aid programs including the Maryland State Scholarship Administration (MSSA) programs: Howard P. Rawlings Educational Excellence Awards and other grants.
State aid authority website ↗State aid authority scope
Administers Maryland state financial aid programs including the Maryland State Scholarship Administration (MSSA) programs: Howard P. Rawlings Educational Excellence Awards and other grants.
Federal-first: Federal student aid (studentaid.gov) is the authoritative source for Pell Grants, federal subsidized and unsubsidized loans, PLUS loans, income-driven repayment, and loan forgiveness programs (PSLF, Teacher Loan Forgiveness). Exhaust all federal options before private loans. studentaid.gov
What to know before taking private student loans in Maryland
Private student loans should only be used after exhausting federal loans and state grants. These are the factors that determine total cost.
Federal loans first
Always apply for federal student loans at studentaid.gov before private. Federal loans offer income-driven repayment, deferment, forbearance, and forgiveness options (PSLF, Teacher Loan Forgiveness) that private loans never match.
State grants and scholarships
Maryland Higher Education Commission (MHEC) administers state-specific grants and scholarships. These are free money — exhaust them before any borrowing.
APR (variable vs. fixed)
Private student loan APRs can be fixed or variable. Variable rates may start lower but carry risk if rates rise during repayment. Fixed rates provide payment predictability across a 5–20 year term.
Cosigner requirement and release
Most private student loans require a creditworthy cosigner for undergraduate borrowers. Verify whether the lender offers cosigner release after a specified payment period — this matters for your cosigner's credit.
Deferment and forbearance options
Private lenders vary widely on in-school deferment, grace periods, and hardship forbearance. Federal loans provide much stronger protections — model your post-graduation income before choosing a private repayment term.
Total cost, not just monthly payment
A 20-year private loan term reduces monthly payments but substantially increases total interest paid. Compare total repayment cost across term options — a 10-year term typically costs far less overall.
Compare private student loan picks for Maryland students
Ranked by APR, cosigner release policy, and repayment flexibility. Federal loans first — always.
Student loans in Maryland — common questions
What state financial aid is available in Maryland? +
Maryland administers 40+ scholarship and grant programs through MHEC including the Howard P. Rawlings Award. Visit mhec.maryland.gov for the full catalog and current deadlines.
Should I take federal or private student loans in Maryland? +
Exhaust federal loans and MHEC state programs before any private loan. Federal loans offer income-driven repayment and PSLF. Apply at studentaid.gov first.
Does Maryland have a student loan forgiveness program? +
Maryland offers loan assistance programs for healthcare workers in underserved areas and certain educators. See mhec.maryland.gov for eligibility. Federal PSLF also applies to Maryland public employees.
What is in-state tuition at UMD College Park? +
Visit umd.edu for current published rates. In-state rates are substantially lower than out-of-state for Maryland residents.
How do I compare private student loans in Maryland? +
After MHEC programs and federal loans, compare private lenders on APR, repayment terms, and cosigner release.
Need a private student loan in Maryland?
After exhausting federal loans and state grants, we rank private student loan lenders against our published methodology by APR, cosigner release, and repayment flexibility. Federal-first is non-negotiable — private loans forfeit income-driven repayment and PSLF eligibility.
Compare private student loan options →ClearValue Lending is an independent editorial platform. Some links are affiliate links — see disclosure below. Rankings are based on editorial criteria, not compensation. This page is not financial aid advice. Always exhaust federal student aid options at studentaid.gov before private loans.
Sources
- Maryland Higher Education Commission (MHEC) — Official Website ↗
- Federal Student Aid (studentaid.gov) ↗ — federal loan programs, Pell Grants, income-driven repayment, and forgiveness programs
- U.S. Census Bureau ↗ — July 1, 2025 population estimates
Editorial disclaimer: This page provides general educational information about student loans and state financial aid in Maryland. It is not financial aid advice. State aid program details were accurate as of May 22, 2026. Verify current state aid program terms directly with Maryland Higher Education Commission (MHEC) and federal aid options at studentaid.gov before borrowing. Scored against ClearValue's published methodology. Updated May 2026.
Some links on this page are affiliate links. ClearValue Lending may earn a commission at no cost to you. Rankings are based on editorial criteria, not compensation. See our full advertiser disclosure for details.