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Osla Student Loan Review 2023

OSLA student loan: With more than 40 years of experience assisting students in managing and repaying their student loans, OSLA, or the Oklahoma Student Loan Authority, is a federal student loan servicer.

In order to especially help Oklahomans, the state of Oklahoma formed OSLA as a public trust in 1972. However, regardless of where you live, the company has processed Federal Direct and Federal Family Education Loans (FFEL) for more than 130,000 student borrowers across the nation.

What is the Purpose of OSLA?

As a federal student loan servicer, OSLA functions as a sort of middleman between federal student loan borrowers and the U.S. Department of Education. They are in charge of processing documentation related to student loans, collecting payments, and assisting borrowers with loan management.

Although these are its primary responsibilities, the business is also in charge of carrying out a variety of additional tasks as requested by the federal government, such as:

  • Assisting borrowers in determining their eligibility for a discharge and forgiveness
  • Assisting borrowers in comprehending the workings of student loan forbearance and deferment
  • Assisting debtors with payment management
  • Promoting the several income-driven repayment schemes that the federal government offers
OSLA student loan
OSLA student loan

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Which Student Loan kinds does OSLA Provide Servicing for?

OSLA is one of many student loan servicers that only supports federal student loans; the others support both private and public loans. More specifically, they only support loans made under the (now-defunct) Federal Family Education Loan (FFEL) program and Federal Direct Loans.

Thus, if any of the following apply to you:

  • Prior to the FFEL program’s termination in 2010 took out a loan through it
  • A Direct Subsidized, Unsubsidized, Consolidation, or PLUS Loan was taken out.

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Pros of OSLA Student Loan

  • As a servicer to Federal Student Aid, OSLA is a legitimate partner of the government in the administration of federal student loans.
  • Multiple Payment Options: Whether you choose to pay online, by mail, or with automated installments, OSLA gives borrowers a variety of methods to pay and manage their student loans.
  • Even though most government offices only accept inquiries about student loans during regular business hours Monday through Friday, OSLA provides live representative support hours on Saturdays.
OSLA student loan
OSLA student loan

Cons of OSLA Student Loan

  • Private student loans are not serviced by them. You won’t be able to utilize OSLA to monitor or settle your loan balance if you have a private student loan.
  • Consolidating or refinancing prevents you from accessing fresh data. The OSLA will not be able to offer information on the status of your federal student loans once they have been converted into private loans if you want to refinance or consolidate them.
  • OSLA does not manage all federal student loans. You might have a number of loans that are handled by several government partners, which requires you to set up accounts and manage some loans on various websites.

How to Pay your OSLA Student Loans

You should be aware that your payment options varies depending on whether you have a Direct Loan or an FFEL Loan if your federal student loans are serviced by OSLA and you’d like to make a payment.

You can access your student loan account and make payments online using this portal if you have a Direct Loan that is managed by OSLA. You can also send a check or sign up for KwikPay, an automatic payment system offered by OSLA, to make payments.

Alternately, you should use this portal to log in if you have an FFEL Loan that is serviced by OSLA. You have the same payment options for FFEL Loans as for Federal Direct Loans: online, by check, or by enrolling in EZ Pay, the automated payment program.

You’re not sure if your student loan is a Direct Loan or an FFEL Loan. Here’s a quick technique to determine:

  • You have a Direct Loan if your account number starts with the digit 8 or the letter F.
  • You have an FFEL Loan if your account number starts with a 0 and no other characters.

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What are the Fees and Interest Rates for OSLA Student Loan?

Although you might believe that OSLA determines the interest rate for your loans, in actuality, Congress sets the interest rate for federal student loans.

Uncertain of your student loans’ interest rate? This data is accessible in a variety of ways:

  • Access your account by logging in, then look for your loan information.
  • Inquire with an OSLA representative about student loans.
  • View the statement for your student loans each month.

Although your student loan servicer does not determine your interest rate, there are several circumstances in which you may be able to reduce your interest rate by enrolling in direct debit (or automatic payments).

Although OSLA provides automatic payments for both Direct and FFEL Loans, enrolling won’t result in a reduction in your interest rate. This implies that you should think about refinancing your student loans if you’d like to cut your rates and your loans are handled by OSLA.

What to do if you are Unable to Pay your Student Loans

There are several solutions available to help make repaying your student loans easier if you are having trouble keeping up with your payments.

1. Adjust the Deadline

You might be able to move your payment due date to a different day of the month when you know you’ll have the money and have less obligations if you can’t pay your student loan owing to other monthly obligations like rent, credit card, or other payments.

Simply get in touch with OSLA’s customer service division and explain your circumstance to request a variation in the due date.

2. Modify your Payment Strategy

Like other federal student loan servicers, OSLA provides borrowers with a variety of repayment options aimed at simplifying repayment.

A few of them are open to all borrowers, but others rely on your income levels, so keep that in mind.

All borrowers have access to the following payment plans:

  • Standard Repayment: The Standard Repayment Plan is exactly that: a fixed payment schedule that has been mutually agreed upon for a length of between 10 and 30 years.
  • Graduated Repayment: You begin with lower monthly payments that rise every two years, even if the term time for a Graduated Repayment Plan may range from 10 to 30 years.
  • Extended Repayment: With an Extended Repayment Plan, you can spread out the repayment of your qualified student loans over up to 25 years.

According on income, family size, and other criteria, the following payment plans are available:

  • Income-Sensitive Repayment: Borrowers of FFEL Program loans with modest incomes may be eligible for the Income-Sensitive Repayment Plan. Depending on how their income level changes each year, their payments can go down or up.
  • Income-Based Repayment: The IBR plan, also known as an income-based repayment plan, normally entails a payment equivalent to 15% of your discretionary income divided by 12.
  • Income-Contingent Repayment: Also referred to as an ICR Plan, this kind of loan requires you to pay either 20% of your discretionary income divided by 12 or the amount you’d pay over the course of 12 years on a fixed monthly payment schedule that is adjusted in accordance with changes in your income. An ICR Plan borrower will make the smaller of the two aforementioned repayment alternatives.
  • Pay As You Earn: For this repayment strategy, 10% of your discretionary income divided by 12 is normally the amount to be repaid, up to the maximum of the 10-year Standard Repayment amount.
  • Revised Pay As You Earn: Also referred to as a REPAYE Plan, this arrangement calls for regular monthly payments equal to 10% of your discretionary income divided by 12.

3. Put your Debts on Hold or Forbearance

Students who are truly struggling financially may decide to use one of the two choices offered to all borrowers of federal student loans, deferment or forbearance, to put their student loans on hold.

You can temporarily cease making your monthly payments on federal student loans through the procedure of student loan deferral.

If you meet the eligibility criteria and have federal student loans, you may be eligible for deferment. For example:

  • You are a student who is enrolled at least half-time.
  • You’re going through financial difficulties, like being unemployed (for up to three years).
  • When there is a war, a military operation, or a state of emergency, you are on active military service.
  • You either have a disability yourself or care for someone who does.
  • Due to your pregnancy, the birth of your child, or the care of a newly adopted child, you are absent from work.

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OSLA student loan
OSLA student loan

Must I remain with OSLA until my Loans are Repaid?

You must refinance your OSLA student loans if you want to transfer your debt to a different servicer. However, keep in mind that if you refinance, you’ll lose government safeguards like deferment and forbearance.

Consider researching lenders and comparing rates on your OSLA student loans using the Credible website.

Frequently Asked Questions

Is OSLA a legal entity?

Is OSLA legitimate, or is it a fraud? When you don't reside in Oklahoma, why are they bothering you if it is legitimate? In a nutshell, OSLA is the government agency in charge of servicing student loans for borrowers all throughout the nation. This implies that OSLA may serve as your servicer even if you do not reside in Oklahoma.

Is OSLA a direct loan to students?

In order to service the Direct Loan (DL) Program's owned loans under the Higher Education Act, the U.S. Department of Education awarded OSLA Student Loan Servicing an NFP Servicer loan contract in 2012.

Is OSLA available to residents of Oklahoma only?

Although it has its headquarters in Oklahoma, borrowers are not required to live there in order for OSLA to serve as their loan servicer.

What is the OSLA grace period?

Six months
Your six-month grace period starts when you graduate or drop below half-time.

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