:: External Links ::
- FAFSA on the Web (external link)
- Federal Student Aid Website (external link)
- Grants.gov (external link)
- Going2College.org (external link)
- Money Management (external link)
- OKMM Clearinghouse (external link)
- Mapping Your Future (external link)
- SmartStudent Guide (external link)
- Scholarship Search (external link)
- Scholarship Scam Information (external link)
- Oklahoma Student Center (external link)
:: Frequently Asked Questions about Financial Aid ::
- Who can answer my student loan questions?
- What types of federal student loans are available?
- What are subsidized federal Stafford loans?
- What are unsubsidized federal Stafford loans?
- What are federal PLUS loans?
- How do I apply for a student loan?
- What's the FAFSA (Free Application for Federal Student Aid) and how do I get one?
- How do I know if I need to provide my parent's information on the FAFSA?
- What happens after I submit the FAFSA?
- How do I get my loan once my eligibility is confirmed?
- How can I use my student loan money?
- What's the interest rate on my student loans?
- Can I see a summary of my loan(s)?
- When do I start repaying my student loan(s)?
- What’s a deferment?
- What's forbearance?
- What's capitalization?
- What's consolidation?
- Why am I getting letters about my student loan(s) from different organizations?
- What's the difference between delinquency and default?
Q. Who can answer my student loan questions?
A. To get help with your aid application, you can contact the Federal Student Aid Information Center (external link) at 800.4.FED.AID (800-433.3243, toll-free) or e-mail StudentAid@ed.gov.
Q. What types of federal student loans are available?
A. There are three types of federal loans: Direct subsidized, Direct unsubsidized and Direct PLUS loans. More information is available on our 'Federal Loans' page.
Q. What are Direct subsidized loans?
A. Direct subsidized loans are available to students with financial need. The amount that can be borrowed is based on the school’s cost of attendance minus other financial aid the student may receive, minus the expected family contribution. The loan amount can't exceed the maximum loan amount allowed for the student's grade level. Interest is paid by the federal government while the student is attending school, during the six-month grace period following graduation or following a change in enrollment status and during specified loan deferment periods.
Q. What are Direct unsubsidized loans?
A. Direct Unsubsidized loans are available to students regardless of financial need. The amount that can be borrowed is based on the school’s cost of attendance minus other financial aid the student may receive. The loan amount can't exceed the maximum loan amount allowed for the student's grade level. Borrowers are responsible for all interest accrued from the date the loan is disbursed, including the time the student attends school and also during grace periods and any type of loan deferment.
Q. What are Direct PLUS loans?
A. Direct PLUS loans are low-interest loans made to parents of undergraduate dependent students and to graduate or professional students. Federal PLUS loans are not based on financial need. The loan amount can't exceed the school’s cost of attendance minus any other financial aid the student may receive. Borrowers are responsible for all interest accrued.
Q. How do I apply for a student loan?
A. To apply for a Direct student loan and be eligible for federal grants and work-study, you must complete the Free Application for Federal Student Aid (FAFSA) each year. You can fill out the FAFSA online at FAFSA.ed.gov (external link). For more information, visit our page about 'Applying for Aid'.
Q. What's the FAFSA (Free Application for Federal Student Aid) and how do I get one?
A. The FAFSA is a federal form that must be completed when applying for federal aid. The FAFSA is used to determine your eligibility for federal student financial aid including grants, work-study and student loans.
You can complete the application online at: FAFSA.ed.gov (external link) or you can get a copy from your high school counselor, from the college or career school you plan to attend or by calling 800.4FED.AID.
For answers to some common questions, take a look at our FAFSA FAQs.
Q. How do I know if I need to provide my parent's information on the FAFSA?
A. If you're a dependent student, you will need to provide your parent's information on your FAFSA. You can download our FAFSA Dependency Status Questionnaire PDF to find out if you're considered a dependent or independent student for the purpose of awarding federal financial aid.
Q. What happens after I submit the FAFSA?
A. After the FAFSA has been completed and sent to the U.S. Department of Education, you'll get a Student Aid Report (SAR). You must review the SAR to ensure all of the information you submitted is correct. The SAR is sent electronically to the school(s) listed on your FAFSA. After all application materials are complete, the financial aid office notifies you of your eligibility for federal student aid, including loans.
Q. How do I get my loan once my eligibility is confirmed?
A. If you're eligible for a federal loan, you'll receive a Master Promissory Note (MPN), which is a legal agreement of repayment. You may be eligible to receive multiple loans under one MPN for a maximum 10-year period and the MPN may be given to you in a paper or electronic format. After your loan is approved, the loan funds are sent to your school.
Q. How can I use my student loan money?
A. You must use the loan money for authorized educational expenses for attendance at the school that certified your loan eligibility. Authorized expenses can include tuition, room, board, institutional fees, books, supplies, equipment, dependent child care, transportation, commuting expenses, rental or purchase of a personal computer, loan fees and/or other documented, authorized costs. Check with your financial aid office to determine what's considered an educational expense.
Q. What's the interest rate on my student loans?
A. Visit Student Aid on the Web's Direct Loan Interest Rate page (external link) for current rates. Loans disbursed on or after July 1, 2006 have a fixed interest rate. Loans disbursed before July 1, 2006, have a variable rate that changes every July 1, but won't exceed 8.25% for Stafford loans or 9% for PLUS loans. Your loan holder will notify you of interest rate changes throughout the life of your loan.
Q. Can I see a summary of my loan(s)?
A. To see a summary of your loan(s), visit the National Student Loan Data System (NSLDS) at NSLDS.ed.gov (external link). The system will indicate who services your loan(s) and what type(s) of loan(s) you have. To access your information, you'll need your Social Security number, date of birth and your PIN from the FAFSA process.
Q. When do I start repaying my student loan(s)?
A. Repayment of your Direct loan begins six months after you graduate, withdraw from school or drop below half-time enrollment. This six-month period, called a grace period, gives you time to assess your financial situation and adjust your budget to prepare for repayment.
At the end of your grace period, you must begin making payments. Your monthly payment amount and the amount of time you have to pay off your loan depends on the amount you borrow, whether or not you receive a deferment or forbearance and the repayment option you choose. For more details about repaying your loan, check out our 'Managing Your Loans' page.
Q. What's a deferment?
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 loans during authorized deferment periods. You are responsible for interest that accrues on PLUS and unsubsidized loans during any deferment and have the option of making interest payments to avoid capitalization.
Q. What's forbearance?
A. Forbearance is an authorized period of time during which a loan holder 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.
Q. What's capitalization?
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.
Q. What's consolidation?
A. Loan consolidation allows borrowers to combine all of their federal education loans into a single 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).
Q. Why am I getting letters about my student loan(s) from different organizations?
A. The Department of Education provides the student loan money to be borrowed and hires external servicers to administer the student loan accounts. Borrowers often work directly with the loan servicer when there are questions or concerns about repayment.
Q. What's the difference between delinquency and default?
A. Delinquency occurs when your loan payment is past due or late. Default occurs when your loan is delinquent for 270 days or more.
icon indicates a link to an external website.
:: Our Partners & Programs ::
Oklahoma Money
Oklahoma Money