Are you trying to get out of default? Do you want to continue your education? The following options can help you get out of default and/or regain eligibility for federal student aid, also known as Title IV funding.
• Satisfactory Repayment Program
• Loan Rehabilitation
• FFELP Consolidation
• Direct Consolidation
Ready to make a payment? Mail payments to:
OGSLP
P.O. Box 3010
Oklahoma City, OK 73101-3010
Need to make a payment today? You can send it using:
Western Union Quick Collect
Code City: OGSLP
Code State: OK
Available at any Western Union office or WesternUnion.com
To set up future monthly payments, you can fill out an Electronic Funds Transfer Agreement (PDF). Your account must be current before the electronic transfer can begin. Fax your agreement and corresponding documentation to 405.234.4393, attention: Recoveries Department.
Questions? Call our Recoveries department at 800.522.8022 (toll-free) or 405.234.4375. We're open Monday through Friday from 8 a.m. to 5 p.m.
This program gives you the opportunity to reestablish your federal aid eligibility while still in default. To participate in this program you must:
A lump sum prepayment doesn't satisfy the requirements for six consecutive monthly payments. You can only enter this program one time. Once you're eligible for aid, if you become more than 15 days delinquent on your loans, you'll be ineligible for any additional aid under this program.
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This program takes your loan out of default and removes the negative rating from your credit report. To participate in this program you must fill out and return the Rehabilitation Application before we receive your ninth consecutive payment. You must also:
A lump sum prepayment doesn't satisfy the requirements for nine consecutive monthly payments. If you miss two monthly payments during this nine-month cycle, you must begin the nine-month cycle again, starting with the next on-time monthly payment.
Once you've made the nine on-time payments in 10 consecutive months and sent OGSLP your completed application, your account will be sent to a lender who'll purchase the loan. This will bring your loan out of default and update any consumer reporting agency listings made by OGSLP. You must maintain your payments to OGSLP until the loan rehabilitation is completed and you're contacted by your new lender.
Due to market conditions, many lenders aren't currently offering consolidation loans. If you're considering student loan consolidation, please contact your existing lender(s) for more information about consolidation or other repayment alternatives.
This program gets your loan out of default and allows you to combine all of your student loans into one loan repayable to a FFELP lender.
A lump sum prepayment doesn't satisfy the requirements for three consecutive monthly payments. Consolidation can only take place with a lender offering this service, based upon the lender requirements.
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This program gets your loan out of default and allows you to combine all of your student loans into one loan repayable to the U.S. Department of Education. You must:
For more information about the Direct Loan Consolidation Loan program, call 800.557.7392 (toll-free) or visit LoanConsolidation.ed.gov.
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