Student Rights and Obligations

The main function of these pages would be to offer up-to-date home elevators borrowers’ liberties, duties, and re re payment choices readily available for each kind of education loan available.

Your Legal Rights being a Borrower:

• You might be eligible to get exit guidance to assist you realize your payment responsibility. Your loan continues to be due with no exit guidance.
• You may be eligible for a payment routine.
• You’ve got the right to prepay with no penalty.

The position being a Borrower:

• You need to offer information regarding changes in your name that is current, and statuses of one’s college once you graduate or fall below half-time.
• You have to participate in exit counseling.
• You have to repay your student education loans.
• In the event that you submit an application for a deferment or forbearance, you ought to continue steadily to make regular repayments until your demand was awarded.

Student Loan Services Web-based Forms

Extra Kinds

Loan Repayment Terms

• Payment of the loan starts if the elegance duration ends.
• Loan re re payments are due from the day that is first of thirty days.
• Payment per month quantity varies according to the total amount lent.
• The repayment duration may perhaps not surpass decade.
• The University of Oklahoma delivers month-to-month statements to loan borrowers. The statements originate from a party that is third, Heartland. Ecsi.net. Non-receipt of statements is certainly not a defense that is valid nonpayment. It’s the obligation associated with debtor to cover the balance.

To examine your loan information head to: Heartland. Ecsi.net. All monthly loan statements can come from ECSI, OU’s third-party merchant. For concerns, please contact pupil Loan Services at (405) 325-5876 or e-mail us at studentloanadmin@ou.edu.

Payment Alternatives Available

AutoPay – Features Include:

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• Each month withdrawn from your bank account at the same time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

E mail us for home elevators beginning the autopay service at (405) 325-5876. Enable 10 days for OU to get your forms for processing. A contact acknowledgement is delivered to allow that EFT is known by you solution was put up for your needs.

Face-to-face Checks or Cash Purchases

• Checks and Money requests are accepted by mail and through the Payment Drop Box located in the first flooring lobby of Buchanan Hall.
• Make checks and money instructions payable to: University of Oklahoma.
• Create the true title associated with the debtor in the check since it is on OU records.
• Whenever you understand your Sooner ID number, write that in your check aswell.

• Produce a re re payment over the telephone utilizing your bank checking account.
• You will require your bank’s routing quantity as well as your account that is checking quantity.
• Checks returned for inadequate funds (NSF) are evaluated a $25 solution cost.

• United states Express, Discover, and Mastercard
• To help make a bank card re 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.
• Bank card laws prohibit us from saving bank card information. So that you can process business that is daily we close our credit card device at 3 p.m. CST.

Forms of Loans

We invite you to review the following information when you currently have a Perkins Loan. Should you want advice about finding information, please contact us.

Perkins loan is a loan that is federally mandated a present interest of five per cent. The mortgage is susceptible to the provisions that are following

CANCELLATIONS: you may possibly make an application for cancellations, if you’re used in specific sectors of this workforce that offer solutions into the community. Please contact our workplace to get detailed information about your occupation.

DEFERMENTS: you may possibly defer your loan when you’re enrolled at least half amount of time in a qualified college, searching for work, or having financial difficulty.

FORBEARANCE: you may possibly make an application for short-term postponement of re re payment if you are experiencing hardship that is economic poor health, or any other appropriate reasons. For more information, please contact our workplace.

SPOTLIGHTS: brand New Military Deferments as of July 1, 2006

Whenever you had been granted a Federal Perkins Loan, this will be to inform you that current federal legislation has added brand new army deferments for borrowers. The Master Promissory notes finalized after June 30, 2006 contain detailed information regarding these deferments. Once you finalized a note that is promissory to then, the information and knowledge is summarized below.

Effective July 1, 2006, an innovative new deferment that is military developed, effective for Perkins loans which is why the very first disbursement had been made on or after July 1, 2001. At the time of July 1, 2006, a professional debtor may get a deferment for an interval for which he/she came across the skills after July 1, 2001. The deferment shall maybe maybe perhaps not go beyond a total of 3 years and is applicable simply to durations during which borrowers are serving on active duty throughout a war or other armed forces operations, or nationwide crisis, or performing qualifying National Guard duty throughout a war or any other army procedure or nationwide crisis.

Perkins Loan Consolidation

Consolidation is refinancing all your federal student education loans into one loan via a personal loan provider. This brand new loan will have a unique rate of interest, payment terms, and monthly obligations. The next federal student education loans are eligible 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 may even manage to combine your loans that are institutional please contact our workplace for a listing of loan providers that offer this solution. The re payment regards to a consolidation loan could make payment of one’s student education loans less difficult economically and far less confusing as you will not have to steadfastly keep up with a few various loan providers. Nonetheless, a few of the advantages for sale in the initial education loan might be lost after consolidation. Discuss your choices completely together with your loan provider.

To use for a consolidation loan, contact your Stafford loan provider. You need to also allow it to be a true aim to inform your loan provider regarding your Perkins loan.

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

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

Credit Agencies

All loan task is reported month-to-month to three credit that is national, the following. To prevent having your loan reported as past-due as well as in standard to your credit agencies, be sure to make your re re payments because of the to begin every month.