An education loan is a form of financial aid that must be repaid, with interest.
Education loans come in three major categories:
- Student Loans
- Parent Loans
- Alternative or Private Loans
Types of Loans
The ultimate responsibility of financing an education lies with the student. Students who finance their education with student loans must understand that with the acceptance of the loan comes the responsibility of prompt and full repayment.
The University stresses this responsibility not only because loan repayment is ethically correct, but also because loan default could eventually lead to loss of financial aid to future students.
Maryland Loan Debt Relief Tax Credit
Maryland taxpayers who have incurred at least $20,000 in undergraduate and/or graduate student loan debt, and have at least $5,000 in outstanding student loan debt at the time of applying for the tax credit may be eligible.