Consumer Connection
Consumer Connection is a podcast brought to you by the Montgomery County Office of Consumer Protection (OCP) that brings you up-to-date news and information on a variety of consumer topics. It is your trusted source for connecting with experts on avoiding scams, making informed purchasing decisions, and understanding your consumer rights.
Join our host, OCP Investigator, Michelle Escobar, as she guides listeners to better understand the consumer landscape here in Montgomery County, Maryland, and beyond, while offering valuable advice and practical tips.
Have questions or ideas for future episodes? Email us at consumerconnection@montgomerycountymd.gov
Consumer Connection
Student Loans and Maryland’s Borrower Protections
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This episode focuses on helping Maryland students and parents understand the student loan landscape after the major federal changes that took effect on July 1. Toni White, Director of Outreach and Education from the Maryland Department of Labor’s Office of Financial Regulation, guides listeners through common points of confusion, the new repayment rules, Maryland borrower protections, current scam trends, and practical tips for navigating student loans safely.
Office of Financial Regulation - Maryland Department of Labor
Student Loan Ombudsman - Consumers - Office of Financial Regulation
Have a question or suggestion for a future episode? Send an email to consumerconnection@montgomerycountymd.gov.
Welcome and Why Loans Feel Hard
Michelle EscobarWelcome back to Consumer Connection, a podcast brought to you by the Montgomery County Office of Consumer Protection. I'm your host, Michelle Escobar. Today, we're diving into a topic that so many students, parents, and even graduates are overwhelmed by student loans. Specifically, what Maryland borrowers need to know to protect themselves and to navigate the system confidently. I'm thrilled to be joined by Tony White, the Director of Outreach and Education at the Maryland Office of Financial Regulation. And this conversation could not have come at a better time. As of July 1st, major federal student loan changes have taken effect, leaving many borrowers confused about what these updates mean for them. Tony, thank you for being here today. Thank you for having me. It's a pleasure. Of
What Financial Regulation Does Here
Michelle Escobarcourse. Thank you. Um first, I know I know that today we're gonna talk about student loans. Yes, but OFR, the Office of Financial Regulation, um, does so much more.
Toni WhiteWe do.
Michelle EscobarAnd so I'd love for you to give us an overview of what the office does and what you do there.
Toni WhiteSure. So thank you again for the opportunity. So I'm director of outreach and education. My job is really to make sure that Marylanders throughout the state understand what their consumer financial rights are and to make sure that we're providing them with the outreach and education and access to resources that they need to make informed decisions. So our office is part of the Maryland Department of Labor, and our focus really is on six key areas. The first is consumer financial protection. The second is we are the financial services regulator, which means we license and regulate financial service providers here in the state of Maryland and make sure that they're operating in a fiscally sound manner and treating Marylanders fairly. So think of state chartered banks and credit unions, credit reporting companies, your debt collection and debt management companies, installment loans, your money apps like Cash App, as well as everyone in the entire mortgage process, student loans, and now the new virtual currency kiosks. The third pillar is consumer complaints. We have a consumer response unit that will invest receive and investigate complaints against the financial service providers that we license and regulate. So if you feel like there is scams, fraud, or there's an issue that you have not been able to resolve, you want to reach out to our office and consider filing a complaint with us. We also manage the foreclosure registration system here in the state of Maryland. And what that means is we receive every week a list of everyone in the entire state of Maryland who has defaulted on their mortgage, and we could we conduct direct outreach to them, letting them know that their mortgage is late, don't wait, they need to be responsive with their servicer. There's a QR code on our outreach flyer, which gives them the ability to scan the code, go directly to our website, and register for an upcoming foreclosure prevention webinar. Sometimes, you know, they might get the letter the first of the month, and the webinar is not till the end of the month. So we do direct outreach to them saying if you or someone you know is in the midst of a foreclosure issue, to please let us know and we'll connect them directly to free legal sources, resources, as well as free certified housing counselors that are located all throughout the state of Maryland. Um, student loans we're gonna talk about. We have the Maryland Student Loan Umbudsman, and her job really is to be the liaison between Maryland student loan borrowers and their servicers. We always want consumers to try to resolve issues with their servicer directly. But if they're having an issue, then she's there to be be the liaison, receive and investigate complaints and hopefully hopefully resolve them for the complainant. And then lastly is outreach and education. And so we host monthly webinars from topics from understanding credit to how to file a consumer complaint. We discuss consumer loans, um, auto loans, auto repossessions, all the way to illegal robocalls with guests like the Federal Communications Commissions. So throughout this entire host of um pillars, I should say, of the services that we offer. It's important that we touch every Marylander and every corner of the state and meet them where they are.
Michelle EscobarAnd which you do. I just by everything that you're explaining. I've had experience um referring uh certain complaints that we've had here um to OFR. Um you're you all do such great work. Um it's so helpful for Marylanders. Um, you know, OCP, we can we can uh take complaints here, but at the end of the day, you enforce that Maryland law when it comes to financial um regulations. So um that's really important. So thank you for that. Absolutely. Yeah. And today we're gonna talk about the student loan part. Student loans, which foreclosure is a really important one as well. Everything that you have said is so important, but student loans, um, I was first generation um college student. And so I said thank you. And so I really um uh feel like it's really important to get to touch base with those with these folks that parents, um, the students um that are having um that take out these these student loans, fill out FAFA, and just they just want to go to college. You know, they just want to get ahead. Parents want to support their children. And um tell us, you know, let's let's talk about what can be confusing about that process.
FAFSA Confusion and Parent Planning
Toni WhiteSure. Uh first of all, the FAFSA changed um over the over the last year or so. So that can be a really confusing process. The main thing for parents is to start researching and do your your education sooner. Be your own best advocate. Um, research the studentaid.gov website, understand what type of loan programs are out there, look at the new laws. We actually just had a multi-agency student loan ombudsman webinar last week. There were 21, 21 student loan ombudsmans throughout the United States. And I would say we provided you that link. Watch that video. It is well worth the hour to understand the landscape of student loans, especially if you're going to take out a parent plus loan to support your children's education, like I did many years ago, putting two kids through college because there's new rules that have changed that will really affect your decision that may not have been the same decision you would have made last year.
Michelle EscobarYeah. And that's really important because again, the parents just want to help their children, but it's really important to know what you're getting into and what what the obligations are and what your next steps will be. Because life after student loans, after you've taken it out, you've gotten your education, life after student loans is can be overwhelming. Like, oh my, absolutely. What did we just do?
Toni WhiteRight. And then, you know, with all of the changes as of July 1st, and I'm sure we're going to get to this, the payment options have changed. And so, you know, for example, the parent plus loans, if they take are are taken out after July 1st of this year, they no longer qualify for the income-driven repayment program and they no longer qualify for public service loan forgiveness. So if you're a state employee like me or working for a local organization like you, the parent plus loans no longer qualify for the uh public service student loan forgiveness. And that can make a big difference in how you move. If you're gonna take out the life cap, is it's $20,000 per year per dependent for the parent plus loans. And so there's a $65,000 cap. So if you're gonna take out all these parent plus loans thinking that you're gonna be able to qualify for public service loan forgiveness, it's another time for you to sit back, really evaluate what all the options are in the student loan repayment in market and figure out what's best for your family, because that can make a big difference.
Lender Vs Servicer and Key Terms
Michelle EscobarAnd speaking of now repayment, let's talk about um, because that's one thing that confused me was um the lender and the servicer. So you have the lender, and then how do people um find their their servicer and what's the difference? What are the differences between those two?
Toni WhiteThat's a really good question, and that can be confusing. So the lender on federal loans is the Department of Education. The loan is going to come from the Department of Education. The servicer, like Mohila or Aidvantage, they're the ones that's managing the account and the billing process. So studentaid.gov is your best friend. You can go there and it will tell you who your servicer is, but you should also receive a notice in the mail. You want to really keep up to date on that because sometimes they can transfer. You know, mine have transferred. So you want to make sure that you go to studentaid.gov today, download all of your loan information, download your payment history, make sure you understand what you have and who it's with so that you can stay on time with payments, bookmark their website, and know who to go to to ask questions about your loans.
Michelle EscobarAnd so when you're let's talk about their obligations as servicers. Um, do they, because I remember um hearing the words deferment, forbearance, all the and I had no idea. I'm like, yeah, let's do it. You know, so can can do they have an obligation or or what is their obligation for that?
Toni WhiteSo for that information, you really want to rely on studentaid.gov. You want to go there as the.gov resource to make sure that you're understanding what all of those terms mean and when you qualify for each of them. So, for example, right now, if you were in the save program, repayment program, which was saving uh on a valuable education, right now your loan might be in an administrative forbearance. And what that means is they're giving you time to identify what new repayment program would be right for you and right for your family. Um, and so it's it's really important that you investigate what your options are and go to a reliable source, which is typically a.gov website that you can trust and really research what those terms mean and make sure that it's right for you because a forbearance may not be right for everyone. Deferment, perhaps, but you want to make sure that you know what your your opportunity is and then make an informed decision.
Michelle EscobarYeah. So it's really important then to just really as parents, um, especially um, because the kids, they, you know, they depend on on the parents, just to do your homework and to really um uh inform yourself on on everything, what as parents, what our responsibilities will be and what the responsibilities of our children will be if they end up getting these loans.
Toni WhiteThat's correct, because you want to set them up for success. And, you know, we can't predict the future. And we want to make sure that, you know, a lot of times we go to people for information and advice and they verbally tell us things, but you want to make sure that there's a resource that you can go to where you see it in writing on paper. Because remember, if it's not in writing, it may not exist. So if somebody's telling you things and it sounds really great, you want to go back and do your due diligence and go to these trusted websites like studentaid.gov and make sure that it's validated by them before you make your decision.
Michelle EscobarYeah, because no one's really gonna do that for you. I know, like um, when my daughter, when she went to school, you know, the guidance counselors are there to like, okay, you have great grades and and the and but they're not really, you know, telling them, you know, financially what the burden will be on them. And then sometimes the financial aid offices at the colleges are are great and very helpful, but still not enough.
Toni WhiteSo there's so many changes, and that's a really good point. They do the best that they can, but the changes have been so great over the last year that it's really hard for a lot of people to keep up. And so that's why it's important to go back, like we said, and do that research. Do it well in advance so that you don't feel pressured to make a decision, which is where that whole scam thing can come into play because you know the scammers are gonna try to appeal to the sense of urgency and the last-minute-ness of making decisions. And then that's when those bad actors are gonna pounce and and try to sell you a dream. You know, we'll give give us $1,500 and we'll figure this out for you.
Michelle EscobarYeah.
Toni WhiteSo being proactive really also helps to build the wall around scammers trying to get in there and make you force you to make an an urgent decision.
New Repayment Options After July 1
Michelle EscobarYeah. So let's talk about then July 1st. Yes. That that really came in like changes, went into effect. And we talked about the the talked a little bit about the save plan. Yes. Um there are new repayment options. There are limits to to to the parent plus loans.
Toni WhiteSo um, and I think that um the trade schools or something can now get um these these um there is something about the Maryland Pell Grant, which I can definitely investigate that a little bit more, and then we can do a follow-up segment for your for your perfect, absolutely.
Michelle EscobarSo let's do that. Let's so talk to me about these like um changes. Some of the changes. Okay.
Toni WhiteSo um let's start with the save plan. So the save plan, again, as of July 1st, is no longer in existence. And you might, when you log into your account, you might see that you're in administrative forbearance. And again, that's to give you time to figure out which new repayment program that you want to move to. Uh as far as the repayment assistance repayment plan. So that's wrap. And that plan is designed to be income-driven. It's also based on your number of dependents. And one of the things about the wrap loan is that it's really geared towards helping to decrease that runaway interest that a lot of student loans borrowers see that accumulates over time. There's also another option, which is your timed repayment program. So it's typically ideal for, although everybody's situation is unique, that's why you want to do your research for people that might have a high balance that want a specific set time of repayment. So they want a five-year term, 10-year term, 15-year term to repay their loans. So those are some of the new repayment options. As far as the parent plus loans, again, there are now a $20,000 limit per dependent per year. So we know, I know that my kids went to a private, private college and it was very expensive, way more than $20,000. So you're gonna have to navigate how that works if you're sending a child to school and the tuition and everything is over that $20,000, and there's a life cap of $65,000. The other change, again, with the parent plus loan is that it's no longer qualified for the income-driven repayment program, and it no longer qualifies for public service loan forgiveness. And again, depending on where you're working, if that was your goal, it is time to really start researching and make sure that you are making an informed decision for your household.
Michelle EscobarAnd so now that these that uh Maryland borrowers have this, these if these uh changes have taken effect, where can they um look for this information? Where best can they get you know, this information to if they haven't started already or if they haven't been informed already of what they can do?
Toni WhiteGood question. So, studentaid.gov is your friend. Go to that website. If you don't have an account, create an account, log in. It has all of your loan history. Again, bookmark that. Make sure that you download your loan information, get familiar with what it is that you have, and also download your payment history. You want to have that available. Our student loan embedsman website, webpage, I should say, is another great resource. Tons of valuable information on there. We will shortly have that navigating student loans after the save program and beyond. We'll have that on our website, the video as well, but I believe that you have the link for that. And our consumer page. Uh valuable information on other resources as well, because as you're navigating student loans, you might find that you have some other financial services issues or challenges. And you want to make sure that you know who to go to if you find yourself uh outside of, of course, uh Montgomery County Consumer Protection. You want to make sure you know who to go to if you have an issue.
Michelle EscobarAnd are there any deadlines off the off like that you that they we need to take into consideration?
Toni WhiteWell, July 1st was the big deadline. So now, you know, and I I I'll be honest, I don't know if when you log into your studentaid.gov count, if it if it's got a some type of timeline as to how long your administrative forbearance is, it should be. And if not, you should check with your servicer because you may have 30 or 60 days, for example, for you to get yourself into a new repayment program, at least apply for it to make sure that you actually qualify for that program.
Student Loan Scams and Verification
Michelle EscobarPerfect. So with all these changes, you touched on this a little bit. This is where the scammers wake up.
Toni WhiteYes, indeed.
Michelle EscobarAnd they say, hey, now um it's time to reach out, um, look into everybody's business and what's going on, and uh make offers that are too good to refuse um but are not real. That's true. So has the office seen or expecting um a certain any certain types of scams or or or has it has it have scams um you know been reported to you?
Toni WhiteSo I would say historically scams are a norm, right? There's always going to be scammers that are trying to uh take advantage of your emotions, create that sense of urgency for you. Anytime there's something new that happens, right? So this is an opportunity for those bad actors to come out of the woodworks and take advantage of people who have not, maybe they haven't heard about these student loan changes for whatever reason. Maybe they're they don't feel they're savvy enough to make an informed decision. Maybe they don't, maybe English is a second language for them and they're reading the information and you know, they just don't quite understand it. And then you have someone that's gonna reach out and say, hey, I can help you with this issue. You have parent plus loans, or you have a child going to college. You know, if you pay me a fee, we can help you navigate this process. We can help you apply for a loan. And by the way, we need you to update your personal information for us. You know, we need your social security number, we need your banking information for where your payments are gonna come from. I mean, four years from now. So there are red flags. If information is coming from a website that is not a.gov, you really want to be leery of that. You really want to trust and validate the information that's being being shared with you. If someone calls and they say that they're from your servicer, you know, there's something called spoofing. We know that, where they can make you their phone number appear to be anything. So before you give out information, maybe you want to log into your account, or maybe you want to get your last statement and call that number directly and validate the information that's being shared with you over the phone. Because this, you know, this is a big deal. When somebody gets your financial information, it can take over your identity. It can, it can, and it has ruined many people's financial lives. So be proactive, be on guard, be empowered to be your own advocate and make your own decisions, but make sure that you're dealing with trusted resources. Hey, I got a buddy that does XYZ. No, no. Yeah. Go to a.gov website and you know get your information from there.
Michelle EscobarExactly. I always say if you haven't initiated that phone call or that communication, that contact, you just leave it alone. Don't, don't, don't worry about it and go to a trusted resource.
Toni WhiteGo to that trusted resource and make sure, you know, we all get those spam phone calls. I mean, I get 25 a day. Most of them go through my spam blocker app, right? But make sure that you're using your voicemail as your as your way to really screen those calls because you're going to start to see, could potentially start to see a lot of numbers that you don't recognize. So let it go to that voicemail. And if somebody is saying, hey, I'm calling you from your service or XYZ, get your statement out, log into your trusted account, get the customer service phone number and call them directly. Don't call that number back because you don't know if it could be a scammer.
Michelle EscobarYeah. And these services that they say, okay, we can help you navigate this, you know, this whole situation or the changes or what have you. Um is there a list on like the.gov? Are there certain, are there certain businesses or something that a a borrower should look for? Say, yeah, these are the people that can help me um navigate.
Toni WhiteUm, I would say studentaid.gov is is the best one uh to go to. Um, Maryland Higher Education Commission may have some information on their website. That would be another trusted website to go to. Our student loan ombudsman webpage has valuable information and resources as well that could be helpful in that. So I would just say be leery, be cautious, and be mindful that you. Should not have to pay a fee to get this type of information. Yeah. There's enough information on trusted websites out there that you can really navigate this process on your own.
Michelle EscobarAnd phone calls are always, you know, like you could call your servicer, and then your servicer is definitely going to give you that information of what your options are. Yes. Um, and ask the questions. Don't be, you know, afraid to think that you're bothering someone if you don't understand. Just ask the question.
Toni WhiteThat is so true. You know, there is no dumb question. All questions are valuable. If it's placed on your mind, you should ask that question. You don't want to walk away from a conversation speculating or assuming what the answer is. You want to hear it directly from them. Most of the time, those calls are recorded, right? So if you're given information that's not valuable or trustworthy or becomes fraudulent, then you come back to us because maybe you have a value, you know, a valid complaint with our office. But you should definitely ask every single question and write those questions. Do your research, write all of your questions down before you have that conversation. Ask them if they have an operator number so you can write down your notes. Ask them if they have an ID number so that you can write down, you know, you spoke with Tony White, ID number, you know, XYZ at 4 p.m. on, you know, July 23rd, and this is what she told me. Yeah. So that you have a way to go back to the information and who provided you the information that you're gonna actually act on.
Michelle EscobarYeah, no, that's great. That's great advice because with so much, so with so many scams these days, with with your inf with everyone's information just being out there. I mean, like I I I feel my information is out there, everybody. Of course. So you just want to protect yourself. And and I always said like the timelines, logging things, just who did you speak to, all that that you're talking about? So important. Yes, absolutely.
Toni WhiteBecause then, you know, if you don't have that information and they didn't put notes in their system, you got what what can you fall back on? I I well, I don't remember what her name was. Yeah, I don't I honestly I can't tell you what time or what day we talked to. Well, then how can somebody actually help you put the pieces of the puzzle together if you're not documenting that information?
Michelle EscobarThat's right. Because you can get information from different people, even in the same company, which is so frustrating sometimes. But if you if you log it and you and you and you are keeping track of everything and people you're talking to, it's gonna ease things a little bit for you. 100% agree. No, I I um I really appreciate
Maryland Help Plus Tax Credit
Michelle Escobarthat. Now, is there anything specific that Maryland um is offering or any resources that we could that we could um let our listeners know about today?
Toni WhiteSo there is a potential tax credit that student loan borrowers might be able to apply for. It's through the Maryland Higher Education Commission. It's for a state tax credit. It's a a student loan debt relief tax program. So please, you know, look that up. I believe we sent you the link that you can drop in the chat and share, share with listeners. That that would be very valuable, right? If you can actually qualify for that. So go to the website, see what the eligibility requirements are, apply if you're eligible, and hopefully you'll be granted the tax credit.
Michelle EscobarYeah, when you sent that link, I had this big smile on my face. I was like, oh, right. I was like, okay, maybe I at first you think of the kids, I'm like, oh, maybe my daughter can, you know, take advantage of this.
Toni WhiteThat's right. Yeah, because you know, the reality of it is, is that it, you know, uh student loans are, it is what it is. Yeah, right. For the for the education, yes, there are grants and and scholarships and things, but you know, I have student loans as well. So I try to keep abreast of all the information for myself, for you know, my children, for people in my community, because I'm always hearing conversations. I might be at the gym and hear somebody talking about something, and I always like to be able to say, Well, did you know?
Michelle EscobarYes.
Toni WhiteAnd so keeping on top of everything is really important and and going and visiting these websites periodically because information does change. So making sure that you're up to date for yourself, you know, for your family is is really important.
Michelle EscobarAnd anything else besides the tax credit, which is great news. Um, but uh now did you say that that has already passed?
Toni WhiteI believe the education, I believe that application process is already open. It's either already open or it's the end of the month that that application process is is available.
Michelle EscobarOkay, that's awesome.
Toni WhiteYeah.
Michelle EscobarUm, but anything else besides um that that you'd like to maybe mention?
Toni WhiteUm, no special programs that I'm aware of in Maryland. We did talk briefly about the Pell Grant, but I'd need to investigate that a little bit more. Um, but I would just say again, just make sure that you're going to the website, watch that video about navigating the student loans after the SAVE program. Uh, that it's it's really trusted information from the student loans ombudsman throughout the United States. And it can really help you to make an informed decision.
Michelle EscobarYeah, I was going to say um that um just so everybody knows the omudsman office, I think will is that a good place to start? Um, to start, you know, like okay, we heard the the podcast, but I need to speak with someone or I need to get more information. Is that a good place to start for everything else?
Toni WhiteSo I would say the student loan ombudsman is the liaison between the borrower and the servicer. And we what she really does is look at complaints and addressing complaints. If you're navigating the student loan process and you've gone to studentaid.gov, you've reached out to your servicer, you can't get help anywhere, then I would say visit the student loan website and you can send the student loan ombudsman an email and see if they can point you in a better direction. Excellent. That's
Complaint Process and Strong Documentation
Toni Whitegreat.
Michelle EscobarThank you. Um, anything else for let's say I have a complaint. I think this is important. If I have a complaint, um, what's the compla complaint process like then at the office?
Toni WhiteSure. So our consumer response unit actually handles the complaints. You can file a complaint online uh via our website. You can also call or email our office if you have a scenario and you're not sure if it's a legitimate complaint. You can speak with a financial examiner, run the scenario by them, and they'll either say, yes, this is a valid complaint with our office, you can visit the website and file the complaint there. They might say that it sounds like it could be a complaint, but that's the attorney general's office or the Maryland Insurance Administration or the MVA, just depending on whatever your complaint is. So if you have a complaint for student loans or a complaint against one of the financial service providers that we license and regulate, then you can go to our website, fill the complaint out, or call the office, speak with an examiner and get a little bit of direction before you take that step. What I would say is make sure if you file a complaint, you follow the five W's and the H, the who, the what, the where, the when, the why, and the how of what your scenario is. Because the financial examiner's job is to evaluate the entire scenario and to understand it. You're literally putting a puzzle together for that financial examiner so that they can understand exactly what happened. The more details you can provide up front, emails, text message conversations, letters that you got in the mail, your phone log of who you spoke to at the financial service provider. What was the day? What was their name? What did they say? What was the time? You know, how many times have you tried to resolve this issue? Really goes a long way and will help to expedite, that's the key, help to expedite your scenario so that the financial examiner is not having to go come back to you all the time with questions about your complaint. And if you have someone that feels that maybe this is a tough uh process to navigate, again, English is a second language, maybe they're older, maybe they're just not comfortable with it. You can, or I should say, a complaint can actually authorize a third party to speak on their behalf. So maybe if you're facing foreclosure and you're having an issue with your mortgage servicer, then you can have a housing counselor speak to our office on your behalf and then, you know, relate that information back to you, maybe in more bite-sized pieces, et cetera. So that's what I would do. You know, you know, start with our office, call them, email them, see if your scenario is a legitimate complaint, put that puzzle together, gather all your information, and then file your complaint.
Michelle EscobarYeah, our last episode, we um spoke about documentation and investigations, and that is so important. And if a timeline, all the information that you can give us, just keep track of everything. That's right. Because it is, it's putting a puzzle together and trying to gather everything and then make decisions from there. And so the more information you can give an investigator, the better. So that's that's excellent um information. Um okay. Uh, I think I would love to ask you some flash questions. Okay.
Toni WhiteAnd hopefully I have some flash answers for you.
Michelle EscobarYes. Um number one. Yes. What's one thing Maryland parents can do today to help their students navigate loans safely?
Toni WhiteSo I am going to continue to refer back to studentaid.gov for federal loans. Go there, make sure you understand what all of your repayment options are, understand what the eligibility requirements are, what the application process is, make sure that you understand as a parent what the parent plus loan caps are and start to navigate that process. You know, what does paying for college look like, et cetera? Because especially if you have uh several children in college, and that's what I would say. And if you have existing loans, again, log into your studentaid.gov count. Make sure that you download your loan history and also your payment history so that you have an accurate, timely record of that, and that you know if you you're in one of those programs that need to um reevaluate and and apply for another repayment program.
Michelle EscobarPerfect. And um, what's one resource every Maryland borrower should save or bookmark, which you have? I'm gonna sound like a broken record.
Toni WhiteYeah, broken record. So um, if you missed it, I'm gonna give you a few, which is studentaid.gov. You also want to make sure that you bookmark your servicers web page as well and just log in there periodically just to make sure there's no changes, no messages, et cetera. In case, you know, sometimes emails go to your spam and you don't want to miss an important message from your servicer. Make sure that you also bookmark the student loan, Maryland Student Loan Ombudsman webpage. Our consumer page as well is really important because again, we're a valuable resource, not just for student loans, but in your entire financial life.
Michelle EscobarAbsolutely. Um, and what is the best way to check um if forgiveness is an if a forgiveness offer is legit?
Toni WhiteIf a forgiveness offer is legit, it's gonna come from a.gov website. Yeah. That's the most important thing. And then what I would do is if you're unsure of an offer you receive, contact studentaid.gov. If you have a challenge getting in touch with them, make sure that you reach out to your servicer to see if they are aware of what this option is. And if you try to do that and there's no avail, then you can always send the student loan ombudsman an option, but you want to try to really navigate that first and do your research through studentaid.gov and your servicer.
Michelle EscobarThank you. Is there anything else? Oh, I wanted to the I don't know if um if this would be then with the with the other with the Pell Grant. Um, but graduate students also I think have a um with this change, have a certain amount of of I guess money that they can borrow as well.
Toni WhiteYeah, and again, I I would go to student8aid.gov and research that to find out what your eligibility requirements are because you just need to know in advance. That's the key. You want to know in advance, and there are ways that you can plan and still pursue your dreams, but you need to prepare for that.
Michelle EscobarExactly. And that's why I wanted to mention that because we talked about, you know, first-time college students and costumes, but this affects graduate students too. So um, they need to get in there and also get that information.
Toni WhiteAbsolutely.
Michelle EscobarI really appreciate you. Is there anything else.
Toni WhiteI appreciate the time. No, I think we've covered a lot of really good information. We certainly can circle back around and provide other details on like foreclosure prevention and some of the other key financial concerns of Marylanders. And other than that, we look forward to our continued partnership and we appreciate the opportunity to talk to you about student loans today.
Final Takeaways and Next Steps
Michelle EscobarYou don't have to figure this out on your own. Maryland has free, trustworthy support to help you understand your student loan options. With the July 1st changes now in place, staying informed is the best way to avoid problems down the road. Protect your personal information and always verify before you act. And if this episode has helped you, share it with a student or a parent who might need it. Thank you for joining us today. I will see you next time. Don't forget to subscribe on your favorite podcast platform and keep an eye out for upcoming episodes where we'll continue to bring you important updates and insights on consumer protection. Have a topic in mind for a future episode or a question for our team? Drop us an email at consumerconnection at Montgomery County MD dot gov. If you enjoyed this episode, please share it with your friends and family, and stay in the loop with OCP by searching the hashtag MCGOCP on social media. Remember, knowledge is key for safeguarding your consumer rights. Stay informed, stay protected, and stay connected. Until next time.
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