Getting Out of Default
Are you trying to get out of default? Do you want to continue your Education?
The following information explains how you can regain eligibility for Title
IV funding (federal aid). Click the following links to learn more about:
Satisfactory Repayment Program
Loan Rehabilitation
FFELP Consolidation
Direct Consolidation
Ready to make a payment? Click here for OGSLP's payment mailing address.
Eligibility for Title IV Funding (Federal Aid)
Satisfactory Repayment Program
This program gives you the opportunity to reestablish your Title IV
eligibility while still in default. Note: you can only enter this program
one time.
Six consecutive, *voluntary, on-time full monthly payments must be made to the guarantor within 15 days of the due date.
A lump sum prepayment does not satisfy the requirements for six consecutive monthly payments.
Once you enter this program and receive Title IV funding, should you become over 15 days delinquent, you will be ineligible for further Title IV funding under this program.
Download Form
Electronic Funds Transfer (EFT) Authorization (PDF)
Loan Rehabilitation
This program will take
your loan out of default and remove the derogatory rating from your credit bureau.
Under this program, OGSLP will send you
a Rehabilitation application. This is to be completed and returned by the 9th
payment to be rehabilitated.
Note: Beginning July 1, 2006, borrowers will only need to make 9 monthly payments instead of 12 to rehabilitate a defaulted loan. Contact our Recoveries department for details.
Nine consecutive, *voluntary, on-time full monthly payments must be made to the guarantor within 20 days of the due date.
A lump sum prepayment does not satisfy the requirements for nine consecutive monthly payments.
If you fail to make an on-time monthly payment during this 9-month cycle, you must begin the 9-month cycle again, starting when the new on-time monthly payment is made.
Once you have made the nine consecutive payments and completed and returned your application, your account will be submitted to a lender who will purchase the loan. This would bring your loan out of default and update any credit bureau listings made by this agency. You must maintain your payments to this office (OGSLP) until the loan rehabilitation is completed and you are contacted by your new lender.
Download Forms
Application for Loan Rehabilitation (PDF)
Electronic Funds Transfer (EFT) Authorization (PDF)
FFELP Consolidation
This program will get your loan out of default and allow you to combine all
of your student loans into a single loan repayable to a FFELP lender.
Three consecutive, *voluntary, on-time full monthly payments must be made to the guarantor within 15 days of the due date.
A lump sum prepayment does not satisfy the requirements for three consecutive monthly payments.
Consolidation can only take place with a lender offering this service, based upon the lender requirements.
Download Form
Electronic Funds Transfer (EFT) Authorization (PDF)
Direct Consolidation
This program will get your loan out of default and allow you to combine
all of your student loans into a single loan repayable to the U.S. Department
of Education.
Note: Beginning October 1, 2006, three consecutive, *voluntary, on-time full monthly payments must be made to the guarantor within 15 days of the due date.
May or may not require payments.
For further information contact the Direct Consolidation Loan program. You can call 1-800-557-7392 or visit www.loanconsolidation.ed.gov.
*“Voluntary” payments are payments made directly
by the borrower, and do not include payments obtained by state or federal tax
refunds, trustee payments, or wage garnishment.
Contact Information & Payment Mailing Address
Contact Information & Address to Mail Forms
OGSLP Recoveries Division
P.O. Box 3000
Oklahoma City, OK 73101-3000
405. 234.4375 or 800.522.8022
TDD/TRS: 800.522.8506
Office Hours 8:00 a.m. to 5:00 p.m. (Monday through Friday)
Central Standard Daylight Savings Time
Payment Mailing Address
OGSLP
P.O. Box 3010
Oklahoma City, OK 73101