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Oklahoma Money Matters
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Learn how to make your money matter in every stage of life! From buying a car or house, to getting married and having kids – our modules walk you through these big decisions and can give you the tools you need to make informed financial decisions.
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Thinking About College?

OCAP and the State Regents offer information and resources to help you plan, prepare and pay for college.

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Did you know that if you qualify, the Oklahoma's Promise scholarship program will pay your college tuition?
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Financial Planning


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Student Loan Management

 

Managing Student Loans
Defaulted on Your Student Loan?

Managing Student Loans

A student loan is the first experience with credit management for many students. To protect your credit history, you must take proactive steps to successfully repay your student loan.

  • Start thinking about repayment before it begins. Make sure you adapt your budget to include your monthly student loan payment before your grace period ends. Consider your spending habits and priorities; are changes needed to make room for your loan payment? If you think ahead, you'll be in good shape when repayment begins. Use this online calculator to estimate your monthly student loan payment.
  • Recognize that your student loan payment is a fixed expense. Repaying your student loan is not optional, even if you withdraw from school. Remember, your monthly student loan payments are just as important as your rent, car payment or any other fixed monthly expense.
  • Make your loan payments on time! If you know your payment will be late, contact your lender immediately to discuss your situation. Even if you apply for a deferment or forbearance, continue making payments on your student loan until you receive confirmation that your request has been processed and approved.
  • Communicate with your lender regularly. Remember to notify your lender of any changes in your name, address or ability to repay.
  • Consider different repayment options. Most lenders offer a variety of repayment options to address borrower needs. Also, if you need more flexibility due to economic hardship, unemployment or other unforeseen circumstances, there are several options to help you keep your account current. Bear in mind that flexible repayment programs aren't automatic - if you need help, you have to ask for it.
  • Keep copies of all loan correspondence. Create a "my student loan" file to hold statements, notices and other important documents.
  • 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. Call your lender or contact the Oklahoma College Assistance Program's Early Assistance department at 800.358.5460 or wecanhelp@ocap.org.

Visit the Oklahoma College Assistance Program (OCAP) website, www.ocap.org, for comprehensive information about student loans, including:

  • your rights and responsibilities as a borrower;
  • a glossary of financial aid terms;
  • detailed explanations of repayment options;
  • default prevention techniques; and
  • tips for bouncing back from default.

Defaulted on Your Student Loan?

If you’ve defaulted on your student loan(s), don’t panic! Pick up the phone and call your guarantor to discuss options for recovering from default and find ways to fit your student loan payment into your monthly budget.

We understand that repaying your student loan can be challenging. We’re here to offer you information, tools and resources to help you manage your money wisely and get back on track. Follow these tips to repay your student loan successfully:

  • Recognize that your student loan payment is a fixed expense. A fixed expense is a debt or bill that’s the same amount from month to month. Just like your rent or car payment, repaying your student loan isn’t optional.
  • Make your loan payments on time. Your student loan is a serious obligation which should always be paid on time. If you know your payment will be late, contact your lender immediately to discuss your situation.
  • Be open to change. It’s important to distinguish the things you need from the things you want. Sometimes it can be difficult to accept that overspending on items you don’t really need is compromising your ability to repay your loan(s) successfully. Many people find it necessary to sacrifice some luxuries to stay on track.
  • Develop a spending plan. Know what’s coming in (income), what’s going out (expenses) and assign categories to your expenses. If you find yourself spending more or less, adjust your categories - and if needed, your spending - accordingly.
  • Communicate regularly. Notify OCAP, formerly known as the Oklahoma Guaranteed Student Loan Program, of any changes in your name, address or ability to repay.
  • Keep copies of all loan correspondence. Create a “my student loan” file to hold statements, notices and other important documents.