Adult Learners
Student loan repayment
In addition to mortgages, car payments and other financial responsibilities, many adults are also repaying student loans. Unlike other forms of debt, student loans can’t be discharged through bankruptcy, so it’s important to successfully manage the repayment process. If you're unsure how much you owe or have other questions about your loan status, visit StudentAid.gov. Then, review the information on loan repayment basics from Federal Student Aid.
Repayment tips
- Get organized. Carefully read all student loan-related correspondence you receive and organize all statements, notices and other important loan documents into a file.
- Keep your loan servicer informed. Contact your servicer immediately if you change your name, address or telephone number. If you have difficulties making your loan payments, ask your servicer about alternative repayment options and eligibility requirements for a forbearance or deferment.
A deferment allows a delay in payment. They’re granted for specific situations and have time limits and eligibility conditions. Forbearance allows you to temporarily postpone or reduce payments and provides short-term relief to help you maintain a good credit rating. Loan holders aren’t required to grant forbearance and may require documentation to support your request.
- Keep a communication log. Each time you talk to your servicer, note the date, the name of the customer service representative who assisted you and a brief description of the conversation. You should also track any emails or texts you may receive as well.
- Keep copies of loan documents and forms. Before sending anything to your servicing agency, make a copy for your records.
- Automate payments. To avoid missed payments, and possibly qualify for a lower interest rate, ask if your servicer can automatically debit your payment from your bank account.
- Pay more than the minimum. Any additional amount you pay reduces your loan balance, resulting in earlier payoff and lower interest costs over the life of the loan.
- Research discharge and forgiveness programs. Depending on your career, and other factors, all or a portion of your federal student loan debt may be discharged (canceled) or forgiven. Visit Federal Student Aid for the most current information on loan forgiveness and discharge.
Who do I contact about loan discharge or forgiveness?
If you think your loans are eligible for discharge or forgiveness and have questions, contact the OCAP (Oklahoma College Assistance Program) Compliance department:
Jaime Shelton
Senior Regulatory Compliance Specialist and System Services Coordinator/Ombudsman
Oklahoma College Assistance Program
A division of the Oklahoma State Regents for Higher Education
Phone: 405.234.4281
