The Maryland Higher Education Commission (MHEC) submits this report in response to the 2014 Joint Chairmen's Report, which requested an update to the 2013 MHEC report that examined impacts of financial need on student success. The charge included in the 2014 Joint Chairmen's Report was the following: "As part of the Access, Affordability, and Completion goal of the 2013 State Plan for Postsecondary Education, the State is to work toward breaking down financial barriers to higher education. MHEC has previously studied unmet student financial need and student persistence. The committees request that MHEC enhance the prior two reports by including loans in the analysis so that, if data is available, outcomes such as credit attainment, retention, and time to graduation can be compared to levels of financial need with and without loans for all students and for students who receive Pell grants." This study extends the previous study by finding that: (1) Family income and unmet need have a stronger effect on graduation rates than student loans; (2) Loans, as a distinct form of financial aid, do not have a negative effect on completion; and (3) Loans appear to have a positive effect on graduation rates for those students who can use loan funds to eliminate their unmet need. [For "Report on Unmet Need and Student Success at Maryland Public Four-Year Institutions [2013]," see ED590000.]