As pupil loan debtor, you’ve got particular legal rights and duties with respect to your loan.

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As pupil loan debtor, you’ve got particular legal rights and duties with respect to your loan.

Student Rights and Obligations

The main purpose of these pages is to provide information that is up-to-date borrowers’ liberties, duties, and payment choices readily available for each kind of education loan available.

Your Legal Rights as being a Borrower:

  • You will be eligible to get exit guidance that will help you comprehend your payment responsibility. Your loan continues to be due without having the exit guidance.
  • You will be eligible to a payment routine.
  • The right is had by you to prepay without the penalty.

The position being a Borrower:

  • You have to offer information on alterations in your present title, target, and statuses of one’s school whenever you graduate or fall below half-time.
  • You have to participate in exit guidance.
  • You need to repay your figuratively speaking.
  • You should continue to make regular payments until your request has been granted if you apply for a deferment or forbearance.

Education Loan Services Web-based Forms

Extra Kinds

Loan Repayment Terms

  • Payment of the loan starts whenever grace period ends.
  • Loan payments are due regarding the very first time of each and every thirty days.
  • Payment quantity is based on the quantity borrowed.
  • The payment duration might maybe not meet or exceed ten years.
  • The University of Oklahoma delivers month-to-month statements to loan borrowers. The statements result from a 3rd party merchant, Heartland. Non-receipt of statements is certainly not a defense that is valid nonpayment. It’s the obligation for the debtor to cover the balance.

To examine your loan information head to: Heartland. All loan that is monthly can come from ECSI, OU’s third-party merchant. For concerns, please contact Student Loan Services at (405) 325-5876 or e-mail us at

Payment Alternatives Available

AutoPay – Features Include:

  • Complimentary EFT Service
  • Never ever miss a repayment
  • No longer always check composing
  • Each month withdrawn from your bank account at the same time
  • Payment posted to your loan instantly

Call us for informative data on beginning the autopay service at (405) 325-5876. Enable 10 days for OU to get your types for processing. A message acknowledgement is delivered to allow that EFT is known by you solution was put up for your needs.

Face-to-face Checks or Cash Sales

  • Checks and Money sales are accepted by mail and through the Payment Drop Box found in the floor that is first of Buchanan Hall.
  • Make checks and cash purchases payable to: University of Oklahoma.
  • Create the title of this debtor regarding the check because it’s on OU records.
  • Once you understand your Sooner ID quantity, compose that in your check also.
  • Make re payment over the telephone making use of your bank checking account.
  • You will require your bank’s routing quantity as well as your bank account number.
  • Checks returned for inadequate funds (NSF) are examined a $25 solution charge.
  • United states Express, Discover, and Mastercard
  • To create credit cards re payment by phone, be sure to phone our education loan Service workplace, M-F: 8 a.m. To 3 p.m. CST (405) 325-5876.
  • Credit card laws prohibit us from saving bank card information. To be able to process business that is daily we close our credit card device at 3 p.m. CST.

Kinds of Loans

We invite you to review the following information when you currently have a Perkins Loan. Should you will need help with finding information, please contact us.

Perkins loan is really a federally mandated loan with a present interest of five %. The loan is susceptible to the provisions that are following

CANCELLATIONS: you might make an application for cancellations, when you’re used in particular sectors regarding the workforce that offer solutions to your community. Please contact our workplace to get detailed information about your occupation.

DEFERMENTS: you might defer your loan if you’re enrolled at least half amount of time in an qualified college, searching for employment, or having hardship that is economic.

FORBEARANCE: you might submit an application for short-term postponement of re payment if you are experiencing financial difficulty, illness, or any other appropriate reasons. For more info, please contact our workplace.

SPOTLIGHTS: New Military Deferments at the time of 1, 2006 july

You that recent federal legislation has added new military deferments for borrowers when you were awarded a Federal Perkins Loan, this is to notify. The Master Promissory notes finalized after 30, 2006 contain detailed information about these deferments june. Once you finalized a note that is promissory to then, the details is summarized below.

Effective July 1, 2006, a brand new deferment that is military produced, effective for Perkins loans which is why 1st disbursement had been made on or after July 1, 2001. At the time of July 1, 2006, an experienced debtor may receive a deferment for an interval for which she or he came across the skills after July 1, 2001. The deferment shall maybe perhaps perhaps not surpass an overall total of 3 years and is applicable simply to durations during which borrowers are serving on active responsibility within a war or any other armed forces operations, or nationwide crisis, or doing qualifying National Guard duty throughout a war or any other armed forces procedure or nationwide crisis.

Perkins Loan Consolidation

Consolidation is refinancing all your federal student education loans into one loan through a personal loan provider. This brand new loan will have a fresh interest, payment terms, and monthly premiums. The next federal figuratively speaking meet the criteria for consolidation: Federal Stafford loans, Federal Direct loans, Federal PLUS loans, Federal SLS loans, Federal Perkins loans, wellness Professional student education loans (HPSL) and Nursing School loans (NSL).

You might also manage to combine your loans that are institutional please contact our workplace for a summary of loan providers that offer this service. The re re payment regards to a consolidation loan could make repayment of one’s student education loans much simpler economically and far less confusing as you won’t have to steadfastly keep up with several different loan providers. But, a few of the advantages obtainable in the student that is original might be lost after consolidation. Discuss your alternatives completely together with your loan provider.

To utilize for a consolidation loan, speak to your Stafford loan provider. You need to additionally allow it to be a true aim to inform your lender regarding your Perkins loan.

Lew Wentz, Robey, Sells, Clark, Kaiser, and Retention Loans

You might defer your loans if you should be nevertheless attending school at half-time that is least. For more info regarding the loan, please contact our workplace.

Credit Agencies

All loan task is reported month-to-month to three credit that is national, given just below. In order to prevent getting your loan reported as past-due plus in standard into the credit reporting agencies, be sure to make your re re payments by the to begin every month.

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