• Who can help me manage my student loan debt?
• What's OGSLP and how's it different from my lender?
• Can I see a summary of my student loans?
• What are the interest rates on my student loans?
• What's capitalization?
• Who's responsible for PLUS loan payments?
• I can't make my student loan payments. What can I do?
• How did I become delinquent on my student loans?
• Why am I getting delinquency notices while I'm in school?
• What's a deferment?
• What's forbearance?
• What's the difference between delinquency and default?
• What's a defaulted student loan?
• What happens when my student loan goes into default?
• Who can help me manage my defaulted student loans?
• Can I see a summary of my defaulted student loans?
• When are collection costs added?
• When is my default reported to consumer reporting agencies?
• Can my federal and state tax refunds be taken?
• How can I get my student loan out of default?
• What if my loan is defaulted and I can't pay it off or make large monthly payments?
• Why do you keep calling my relatives and friends?
• Can I get a forbearance or deferment if my student loan is in default?
• I mailed my deferment/forbearance request to the lender. How can I be in default?
• What's consolidation?
• Can I consolidate a defaulted student loan?
• What's student loan rehabilitation?
• What's the difference between rehabilitation and consolidation?
• If I'm in default, can I get more financial aid?
A. Our Early Assistance department is dedicated to helping you manage your student loan debt. We're available to help you develop a successful repayment strategy and provide you with overall debt management counseling. Contact us at 405.234.4352, 800.358.5460 (toll-free) or WeCanHelp@oglsp.org. If at any time during your repayment you can't make your student loan payment, please contact your lender immediately for available deferment or forbearance options. If you're not sure who your lender is, we can access records and provide you with contact information.
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A. Your lender accepts your monthly payment and processes deferment and forbearance requests. The Oklahoma Guaranteed Student Loan Program (OGSLP) is the designated agency in Oklahoma that insures lenders again default, disability and death of student loan borrowers.
The guarantor is available to assist you if you have problems with your loan, and administers loan forgiveness and discharge programs. If you fail to repay your lender, the guarantor will purchase the debt from the lender and will collect the debt from you on behalf of the U.S. Department of Education.
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A. Our staff can help you with loans guaranteed by OGSLP. You can contact OGSLP's Early Assistance department at 405.234.4352, 800.358.5460 (toll-free) or WeCanHelp@oglsp.org. You can also access your loan information by visiting the National Student Loan Data System's (NSLDS) Web site at NSLDS.ed.gov.
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A. Federal student loans can have a fixed or variable interest rate. Loans disbursed on or after July 1, 2006, have fixed interest rates. Loans disbursed before July 1, 2006 have variable interest rates that change every July 1, but will never exceed 8.25% for Stafford loans or 9% for PLUS loans. Your lender notifies you of interest rate changes throughout the life of your loan. Visit our 'Interest Rates' page for current and historical loan rates.
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A. If you don't pay the interest that accrues on your loan while you're in school or during a deferment or forbearance, the unpaid interest is added to the principal balance of your loan. Once the unpaid interest is added, it increases the total amount of your loan and the monthly payment.
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A. The borrower who took out the loan is responsible for payment. This could be a graduate or professional student or the parent/guardian who borrowed on behalf of a dependent undergraduate student.
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A. Explain your situation and get help reviewing your options by contacting your lender or our Early Assistance department at 405.234.4352, 800.358.5460 (toll-free) or WeCanHelp@oglsp.org. You may be eligible for a deferment or forbearance that temporarily delays your payments or an alternative repayment schedule that will adjust your monthly payment amount. You may also need to provide supporting documentation for your request.
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A. When you continually fail to make your student loan payments, your lender reports the delinquency to the guarantor. You'll get letters and phone calls from both your lender and guarantor asking you to contact them to help resolve your delinquency.
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A. You may be getting notices if your lender or guarantor is unaware you're in school or you've had a change in enrollment status. You should contact your lender immediately and notify them of any changes in your enrollment status such as a: school transfer, drop below half-time or change in your anticipated graduation date.
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A. Deferment is an authorized period of time during which you may postpone monthly principal and/or interest payments. The federal government makes interest payments on subsidized Stafford loans during authorized deferment periods. You're responsible for interest that accrues on PLUS and unsubsidized Stafford loans during any deferment and have the option of making interest payments to avoid capitalization.
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A. Forbearance is an authorized period of time during which a lender agrees to temporarily postpone payments or reduce your payment amount if you intend to repay the loan but are having temporary financial difficulties. You're still responsible for the accrued interest during forbearance.
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A. Delinquency occurs when your loan payment is past due or late.
Default occurs when your loan is delinquent for 270 days or more. At that point, the guarantor purchases your loan and is responsible for collecting the debt on behalf of the U.S. Department of Education.
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A. Loans are considered defaulted when a borrower fails to repay his or her loan according to the terms agreed upon in the Master Promissory Note (MPN). This usually happens when payment to the lender is at least 270 days late. Default can also occur for failure to submit on-time requests for a deferment or cancellation. If a loan defaults, the guarantor (OGSLP) purchases the loan from the lender and begins collection.
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A. If you default on your loan there are a number of consequences, including:
A. Our Recoveries department is dedicated to helping borrowers repay their student loan debt and reestablish good credit standing. You can reach a representative by calling 405.234.4375 or 800.522.8022 (toll-free).
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A. Our staff can help you with loans guaranteed by OGSLP. You can call our Recoveries department at 405.234.4375 or 800.522.8022 (toll-free). You can also access your loan information by visiting the National Student Loan Data System's (NSLDS) Web site at NSLDS.ed.gov.
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A. Collection costs are added when no payment is made within the first 60 days of default. If you've set up payment arrangements within the first 60 days, collection costs will be added if your payment is ever 35 days past due.
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A. Defaulted loans are reported 60 days from the date of default.
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A. Yes. The money will be applied toward the balance of your defaulted loan.
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A. You have several options to get your loan out of default status. You can:
A. You can enter into a repayment plan with OGSLP. Contact us for help at 405.234.4375 or 800.522.8022 (toll-free).
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A. After unsuccessful attempts to contact you about your student loan, the school, lender or guarantor will contact the relatives and friends whose information you provided when you signed your Master Promissory Note (MPN). To update the contact information you provided, contact your lender or our Early Assistance department at 405.234.4352, 800.358.5460 (toll-free) or WeCanHelp@oglsp.org.
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A. Defaulted student loans aren't eligible for forbearance or deferment.
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A. OGSLP considers you in default based on the information sent to us by your lender. If you have concerns about a deferment or forbearance, contact your lender. You're still expected to make arrangements to set up a satisfactory repayment agreement with OGSLP.
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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.
A. Consolidation is a loan program that allows borrowers to combine all of their federal education loans into one loan. The program allows borrowers to make a single monthly payment and extend the repayment period (up to 30 years depending on the loan amount). Consolidation loans can make loan repayment more manageable for borrowers with multiple lenders or high loan balances.
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A. Yes, you can consolidate after you've established monthly payments and met the required number of payments.
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A. Rehabilitation is a process by which a borrower can bring their student loan out of default by following specific repayment requirements.
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A. Rehabilitation brings your loan out of default and updates any consumer reporting agency listings made by OGSLP and your loan is purchased by a lender.
Consolidation brings your loan out of default by making a new loan with different repayment terms. However, the defaulted loan listing is not completely removed from your credit history with a consolidation loan.
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A. Yes, but only after you've made six consecutive, satisfactory payments on your defaulted student loan. You must continue to make on-time, monthly payments to receive aid while the loan is in default and you must not have ineligible loans.
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