Managing Your Loan

Managing repayment of your student loan is an important responsibility, like paying rent or making car payments. Review the information below for helpful tips and resources to keep your repayment on track.

Quick Content Links

• Repayment Process
• Repayment Tips
• Help Managing Repayment
• Additional Customer Service

Repayment Process

After you graduate or drop to less than half-time enrollment, you get a six-month grace period before you must begin repaying your loan.

Before the grace period expires, you'll get a repayment schedule from your lender that includes detailed information about your outstanding balance, interest rate, fees and available repayment options. Contact your lender if you don't receive this information.
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Repayment Tips

A student loan can be one of your first opportunities to establish and maintain a good credit history. To protect your credit, you must take active steps to successfully repay your student loan.

Develop a monthly budget. Creating a budget helps you decide where to spend your money. If you already have a budget, update it to include your student loan before your first monthly payment is due. Repaying your student loan isn't optional. It's just as important as any other fixed expense, like rent or car payments. Visit OklahomaMoneyMatters.org for more information about budgeting and money management.
Get organized. Carefully read all of your student loan-related correspondence and create a "my student loan" file to hold statements, notices and other important loan documents.
Keep your lender informed. Contact your lender immediately if you change your name, address or telephone number.
Call your lender if you have trouble making your loan payments. Your lender will be able to explain your repayment options, as well as eligibility requirements for a forbearance or deferment.
Keep a phone log. Write down the date of each conversation with your lender, the name of the customer service representative who assisted you and a brief description of the conversation.
Keep copies of loan documents and forms. Make a copy of any forbearance or deferment form for your records before mailing or faxing the form to your lender.
Set up automatic payments. Check to see if your lender can automatically debit your payment from your bank account; if so, this service could prevent missed payments and possibly earn you a lower interest rate.
Make payments during your grace period. Making payments during your grace period can reduce the total amount of your loan and save you money in the long run. There's no penalty to prepay part or all of your loan at any time.
Pay more than the minimum payment. Any additional amount you pay reduces your loan balance, resulting in earlier payoff and lower interest costs over the life of the loan.

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Help Managing Repayment

If you have trouble managing your student loan payment, contact OGSLP's Early Assistance department. Our staff can help you put together a successful repayment strategy.

OGSLP Early Assistance Department
P.O. Box 3000
Oklahoma City, OK 73101-3000

phone: 800.358.5460 (toll-free) or 405.234.4352
fax: 405.234.4295
e-mail: WeCanHelp@ogslp.org

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Additional Customer Service

If you have problems with your student loan that can't be resolved by working with your lender or guarantor, the U.S. Department of Education’s Ombudsman office can help.

FSA Ombudsman
U.S. Department of Education
830 First Street N.E.
Washington, D.C. 20202-5144

phone: 877.557.2575 (toll-free) or 202.377.3800
fax: 202.275.0549
online: Ombudsman.ed.gov
e-mail: FSAOmbudsmanOffice@ed.gov

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Managing Your Loan

Repayment Process

Repayment Tips

Help Managing Repayment

Additional Customer Service

Entering Repayment

Managing Repayment

Recovering from Default

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