The Terps went 1-1 on the week, losing to Rutgers but beating Michigan.
A slew of top-10 teams lost last week, the Terps among them.
Cowan put up 31 points, six rebounds and six assists against Iowa on Thursday.
The Terps posted a 196.150 in their first meet.
Kentucky's loss to Evansville also facilitated the Terps' move up one spot.
Although No. 6 Florida lost, the Terps stayed put.
The Terps relinquished leads against Penn State and Michigan last week.
This is the highest the Terps have been ranked since the 2015-16 season.
The Terps were No. 24 last week.
The Terps dropped three spots in the media poll released Monday.