Delinquency Recovery Options
If you can't make your student loan payment, please contact your lender immediately for available deferment or forbearance options.
One of the first steps in managing your loan is to know your options, which can include:
- Different Repayment Options - There are four repayment options that offer flexibility to your loan repayment plan.
- Deferment - You may have a right to temporarily postpone part or all of your loan payments. To have your loan deferred, you must provide your lender a request for deferment and evidence that verifies your eligibility. Deferments may be available if you return to school, are unemployed, are disabled or face economic hardship.
- Forbearance - If you're experiencing financial difficulty and you aren't eligible for a deferment, your lender may grant you a forbearance, which will temporarily postpone your principal repayment obligation. However, interest payments are still your responsibility. Forbearance can be granted at the lender's discretion if you demonstrate your intent to repay, but are currently unable to make payments.
OGSLP is dedicated to helping you manage your student loan debt. We can help you develop a successful repayment plan and we offer customized loan default prevention counseling for borrowers. Contact us today at 800.358.5460 (toll-free), 405.234.4352 or WeCanHelp@ogslp.org.
