MICUA

In the past decade, the demand for private student loans has grown to over $23 billion annually. In response, MICUA has launched the Maryland Student Loan Marketplace to help students and their families navigate college financing. The Marketplace is an online, education financing resource that allows participating institutions to provide students with a transparent process to evaluate private loans, encourages students to engage in smart borrowing practices, and provides existing and new lenders with a way to reach qualified borrowers with targeted products. The site was developed in partnership with Overture Technologies and in collaboration with the California and Ohio associations of independent colleges and universities.

The service includes access to the Learning Center, a proprietary product developed by Overture Technologies. The Center educates students about financing education, encourages students to apply for grants and scholarships and federally subsidized student loans first, and advises students to use private student loans as a last resort. The Marketplace is available to students free of charge, and MICUA receives no compensation for its part in developing and managing the site. Lenders pay a fee to Overture Technologies to participate in the Maryland Student Loan Marketplace based on the number of loans closed. The Marketplace is open to all lenders willing to pay the fee and comply with the mandatory reporting requirements and other terms. As a result, all lenders, large and small, can afford to participate.

With traditional lenders and finance companies scaling back their operations in the wake of the credit crisis, regional and community banks and credit unions have a unique opportunity to step in and serve a new generation of customers. Private student lending is a valuable way for regional and community banks and credit unions to serve their local communities.

To visit the Maryland Student Loan Marketplace, click here.

To access Disclosure requirements required for a "Preferred Lender Arrangement," click here.

To access Truth-in-Lending forms from each participating lender, click here.

To access Maryland's College Loan Code of Conduct, click here.