:: 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.


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 loan holder that includes detailed information about your balance, interest rate, fees and available repayment options. Contact your loan holder 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.

  1. Start thinking about repayment before it begins. Repaying your student loan isn't optional. It's just as important as any other fixed expense, like rent or car payments. So take this time to create a budget and prioritize your spending. If you already have a budget, update it to include your student loan before your first payment is due. Visit OklahomaMoneyMatters.org (external link)  for information about budgeting and money management.
  2. 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. Remember to make a copy of any completed forms for your records before mailing or faxing the original.
  3. Communicate with your loan holder. Let them know if you change your name, address, telephone number or employer. If you have trouble making your loan payments, contact them to learn about your repayment options, as well as your eligibility for a forbearance or deferment.
  4. Take notes. Write down the date of each conversation with your loan holder or servicer, the name of the representative who helped you and a brief description of the conversation.
  5. Research options to reduce the total amount repaid.
    • Ask if you can automatically debit your payment from your bank account. This service could prevent missed payments and possibly earn you a lower interest rate.
    • Consider making payments during your grace period or post-enrollment deferment period, which will save on interest expenses over the life of the loan.
    • If possible, pay more than the required monthly payment. Any additional amount you pay reduces your outstanding balance, resulting in earlier payoff and lower interest costs.
    Remember, there's no penalty to prepay part or all of your loan at any time.
  6. Ask questions. This is your money we're talking about. Don't be afraid to ask for help or for more information when you just don't get it.

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Help Managing Repayment

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

OCAP Default Prevention 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 loan holder, 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 (external link)
e-mail: FSAOmbudsmanOffice@ed.gov

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:: Helpful Info ::


NSLDS Student Loan Information         Oklahoma College Savings         Loan Repayment F.A.Q.