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

(Last reviewed/updated: November 6, 2026)

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 updated guidance in November 2026 that accompanies the initial guidance provided in 2023. Definitions and provisions related to the obligations of SFC’s are found in Md. Code Ann., Fin. Inst. §12-1101 et. Seq.

Registration: Standard SFCs are required to register using the Nationwide Multistate Licensing System (NMLS) Student Financing Company category. These SFCs must register as a Student Financing Company prior to providing any required data to OFR. If a higher education institution SFC is an Acquiring institution, they must register with NMLS. If a higher education institution SFC is a Lending SFC, they do not have to register with NMLS. Lending SFCs that are higher education institutions must register with OFR using the Higher Education Student Financing Company Registration Form.
Reporting: All SFCs, including higher education institutions, should use the annual reporting form for reporting required data, and include additional attachments as instructed in the form. Further instruction is found on the annual reporting form. Any SFC acting as both a Lending SFC and an Acquiring SFC should submit separate documents based on whether they extended the student financing product or acquired it. All information should be uploaded here March 15.

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: