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Student Loans in Maryland

Average debt, state-specific forgiveness programs, and repayment strategies for Maryland borrowers in 2026.

Average Debt
$31,653
Monthly Payment (Std)
$360
State Tax Deduction
Yes
vs. National Avg
$347

Student Loan Overview for Maryland

Maryland borrowers carry an average student loan debt of $31,653, which is near the national average of approximately $32,000. Under the Standard 10-year repayment plan at the current federal interest rate of 6.53%, Maryland graduates would pay $360 per month and a total of $11,547 in interest over the life of the loan.

For borrowers seeking lower monthly payments, income-driven repayment plans like SAVE (formerly REPAYE) cap payments at 5-10% of discretionary income. Maryland residents working in public service should explore PSLF for potential forgiveness after 10 years of qualifying payments.

Maryland Student Loan Forgiveness Programs

Maryland offers the Janet L. Hoffman Loan Assistance Repayment Program for graduates working in public service.

In addition to state programs, Maryland borrowers have access to all federal forgiveness programs including PSLF, Teacher Loan Forgiveness ($17,500 for STEM and special education teachers), and income-driven repayment forgiveness after 20-25 years.

State Tax Deduction for Student Loan Interest

Maryland conforms to the federal student loan interest deduction. Borrowers can deduct up to $2,500 in student loan interest paid during the tax year on both their federal and Maryland state income tax returns. This deduction phases out for single filers earning $75,000-$90,000.

Top Maryland Colleges & Average Debt

InstitutionAvg. Graduate Debt
University of Maryland$29,000
Johns Hopkins University$30,000

* Debt figures are approximate averages for graduating students who borrowed.

Frequently Asked Questions

What is the average student loan debt in Maryland?

The average student loan borrower in Maryland graduates with approximately $31,653 in student loan debt. This is near the national average of $32,000.

Does Maryland offer student loan forgiveness?

Maryland offers the Janet L. Hoffman Loan Assistance Repayment Program for graduates working in public service.

Can I deduct student loan interest on Maryland state taxes?

Yes, Maryland conforms to the federal student loan interest deduction. You can deduct up to $2,500 in student loan interest paid on your Maryland state income tax return, subject to income limits.

What are the best colleges in Maryland for low student debt?

Among Maryland institutions, University of Maryland has an average graduate debt of $29,000. In-state tuition at public universities is significantly lower than out-of-state rates.

What repayment plan should I use for student loans in Maryland?

Your best plan depends on your income and career. Maryland residents earning under $50,000 should consider the SAVE plan for the lowest payments. Those in public service should pursue PSLF. Higher earners may benefit from the Standard plan or refinancing.

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