As student loan debtor, you have got particular liberties and obligations related to your loan.

Student Rights and Obligations

The principal purpose of these pages is always to offer up-to-date home elevators borrowers’ legal rights, duties, and payment choices designed for every type 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 remains due without having the exit guidance.
  • You will be eligible for a payment routine.
  • You’ve got the right to prepay with no penalty.

The position being a Borrower:

  • You have to offer information regarding alterations in your present title, target, and statuses of one’s college whenever you graduate or fall below half-time.
  • You have to participate in exit guidance.
  • You need to repay your student education loans.
  • 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 Types

Loan Repayment Terms

  • Payment of the loan starts once the elegance duration ends.
  • Loan re payments are due regarding the very first time of each and every month.
  • Payment per month quantity is determined by the total amount lent.
  • The payment duration might maybe perhaps maybe not meet or exceed decade.
  • The University of Oklahoma delivers statements that are monthly loan borrowers. The statements originate from a 3rd party merchant, Heartland. Non-receipt of statements just isn’t a defense that is valid nonpayment. It will be the obligation associated with the debtor to pay for 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 pupil 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 more always check composing
  • Each month withdrawn from your bank account at the same time
  • Payment posted to your loan straight away

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 arranged for you personally.

Face-to-face Checks or Cash Sales

  • Checks and Money purchases 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 regarding the debtor in the check since it is on OU records.
  • Once you understand your Sooner ID quantity, compose that on your own check also.
  • Make a re payment over the telephone making use of your bank account.
  • You’ll need your bank’s routing quantity as well as your bank account quantity.
  • Checks returned for inadequate funds (NSF) are examined a $25 solution cost.
  • United states Express, Discover, and Mastercard
  • Which will make 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.
  • Bank card laws prohibit us from saving charge card information. To be able to process business that is daily we close our credit card device at 3 p.m. CST.

Forms of Loans

Once you actually have a Perkins Loan, we invite you to definitely review the next information. Should you will need help with finding information, please contact us.

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

CANCELLATIONS: you might submit an application for cancellations, while you are used in specific sectors of this workforce that offer solutions into the community. Please contact our workplace to receive detailed information about your occupation.

DEFERMENTS: you could defer your loan while you are enrolled at least half amount of time in a qualified college, looking for work, or having financial difficulty.

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

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

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

Effective July 1, 2006, a brand new armed forces deferment ended up being 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 qualified debtor may be given 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 go beyond an overall total of 3 years and applies simply to durations during which borrowers are serving on active duty throughout a war or other armed forces operations, or nationwide crisis, or doing qualifying National Guard duty during a war or other armed forces operation or nationwide crisis.

Perkins Loan Consolidation

Consolidation is refinancing all your federal figuratively speaking into one loan through a lender that is private. This loan that is new have an innovative new rate of interest, re re payment terms, and monthly premiums. The next federal figuratively speaking qualify 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 have the ability to combine your Institutional Loans, please contact our workplace for a summary of lenders that offer this service. The re payment regards to a consolidation loan makes payment of one’s figuratively speaking much simpler financially and far less confusing as you won’t have to steadfastly keep up with a few various loan providers. Nevertheless, a few of the advantages obtainable in the student that is original could be lost after consolidation. Discuss your alternatives completely along with your loan provider.

To try to get a consolidation loan, contact your Stafford loan provider. You need to additionally 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’re still attending college at half-time that is least. For more info regarding your loan, please contact our workplace.

Credit Reporting Agencies

All loan task is reported month-to-month to three credit that is national, given below. To prevent getting your loan reported as past-due as well as in standard into the credit agencies, be sure to create your payments by the to begin every month.