Higher Ed

HB1015: Should Maryland refinance student loans?

By | Emily Scarr

The rising cost of college increasingly puts a higher education out of reach for many Marylanders, and the need to increase access to educational financing continues to be a salient issue in public policy. This bill will set up a state study of the viability of a state student loan refinancing body, which may have the potential to make college more affordable for Maryland students.

Result | Higher Ed

Protecting students from unfair bank fees

We helped win protections for students from unfair fees associated with campus bank accounts. The new rules, released by the U.S. Department of Education, ban some of the worst and most predatory fees that students encounter from banks.

Media Hit | Higher Ed

Local Students Feel Pinch of Loan Rate Increase

Students in our area are feeling the pinch after federal student loans doubled starting July 1. Watch online.


News Release | Higher Ed

Interest Rates for 105,027 Student Loan Borrowers in Maryland Double

 Due to Congressional inaction, the interest rates on federally subsidized student loans doubled on July 1 from 3.4 percent to 6.8 percent. The change will affect 105,027 students in Maryland, and in total the rate increase will hike the cost of Maryland students’ loans by $95 million. That translates into a $909 increase in debt per student, per loan.  However, because most new student loans are issued in August and September, Congress can still pass a retroactive fix. 

News Release | Higher Ed

Interest Rates for 105,027 Student Loan Borrowers in Maryland Set to Double on July 1

Baltimore, MD– Unless Congress acts, on July 1, the interest rate for 105,027 student loan borrowers in Maryland will double from 3.4 percent to 6.8 percent. According to an issue brief released today by Maryland PIRG, the rate increase would hike the cost of Maryland students’ loans by $95,469,543 million. That translates into a $909 increase in debt per student, per loan.

Resource | Higher Ed

Issue Brief: Student Loan Debt in Maryland

Student Loan Interest Rates Set to Double
Without a new plan from Congress, on July 1 the interest rate on subsidized Stafford student loans will double, from 3.4 percent to 6.8 percent. A 2007 college affordability plan lowered the rate, but expired in 2012. Last year, President Obama and Congress extended the low rate for one year.

In Maryland, 105,027 federal student loan borrowers will be impacted if the rate doubles1.

Yesterday, in one of the few government buildings open for business during Hurricane Sandy, the Supreme Court heard an important case,Kirtsaeng v. John Wiley & Sons, Inc, concerning whether publishers can restrict owners of books from reselling their used legally-purchased copies. 

Students have a tool to help them avoid student loan debt: the new financial aid shopping sheet, a simple form explaining the costs, financing options, and loan options for prospective students. 

Financial aid award letters often lack transparency and wind up confusing students and parents

With student loan debt exceeding $1 trillion and families increasingly questioning whether a college education is worth it, colleges should be embracing making financial aid award letters clear and uniform. Transparency may not solve the student debt problem, but it can help students and parents make better-informed decisions.

"Congress listened to students and their families and delivered a bill that stops student loan interest rates from doubling," stated U.S. PIRG Higher Education Advocate Rich Williams. "Students already face unprecedented student loan debt and adding an additional $1,000 more would not only crunch individual borrowers, but would have further weighed down the recovering economy. We applaud Congress for coming together to pass this much-needed legislation."


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