The Oklahoma Student Loan Authority, commonly referred to as the OSLA, is a student loan organization. Although OSLA is based in Oklahoma, borrowers do not need to be based in the state of Oklahoma in order to have OSLA as their lending function.
If you have an student student loan, OSLA may be your student loan agent from the U.S. Department of Education. This article gives you everything you need to know about OSLA & OSLA student loans.
What is OSLA and what does it do?
The Oklahoma Student Loan Authority (OSLA) has been working on loans for over 40 years. As a student loan service, OSLA is an external corporate student loan company controlled by the federal government. It has serviced loans for more than 130,000 borrowers.
If the Department of Education offers OSLA as your loan service, OSLA will handle such things as:
# 1. Payment management.
# 2. Make sure you are in the best possible recovery plan and take it to another, if necessary.
# 3. It means procrastination and patience, if you qualify.
# 4. Provide for remedial measures, such as the Public Service Loan Amendment.
Is OSLA an organization’s student loan?
Although it is common to hear the phrase “OSLA Student Loans”, but OSLA is not a student loan, but rather, it is the company that provides your student student loans. It operates with direct corporate lending and FFELP. If a student loan is used by OSLA, it can be said to be under the OSLA student loan.
The current Student Federal Loan loan includes:
# 1. Direct and unfunded loans.
# 2. Direct PLUS Lending.
# 3. Direct Borrowing Combination.
Is OSLA a good loan service?
OSLA has been around for decades and has helped us with loans of about 130,000 borrowers. Although there are loan companies that have spent a lot of money in the US, Business Business Bureau gives OSLA an A + rating, with 22 customer complaints lodged three years ago, so most borrowers are happy with OSLA.
What types of student loans form OSLA?
OSLA manages two different types of corporate loans: Direct Loans and Federal Family Education Loans Program (FFELP) loans. The FFELP loan was terminated in 2010, but if you borrow one before that, OSLA may be your employee.
How do I repay my OSLA student loan payments?
If OSLA is your student loan assistant, you will need to go to the OSLA website and register your account details. From there, you’ll be able to log in monthly and make payments or sign up for automatic payments. You can also send a check to the Department of Education.
What are the OSLA student interest rates and fees?
OSLA does not set student loan interest rates; those decisions are made by the ANC and change every year. Your interest rate depends on when you take out your student loan and the type of loan you have.
For example, the interest rates on Direct Subsidized Loans for 2016-17 were 3.76%. In 2017-18, the same loan rate was 4.45%.
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Is my loan a direct loan or a FFEL loan?
OSLA offers two different types of loans and has different access to each of them. Your account number will tell you what type of loan you have.
If your account number starts with F or 8 and is followed by numbers eight or nine, you have Direct Loan and log in here.
If your account number starts with 0 and does not have alpha characters, you have a FFEL loan and will log in here.
The pros and cons of OSLA student loans
Like other student loan operators, OSLA has its share of profits as well as below. Here’s what to expect from the service.
Benefits of loans for OSLA students
- Most government loan programs are available. OSLA offers a wide range of reimbursement programs, including standard payment system, extended payment system, graduate refund system and income-driven payment systems.
- Default payment option. You can set up default payments every month so you don’t have to worry about logging in on a specific date to make a payment.
- Learn about federal donations. If you need to repay your loan with a withdrawal or tolerance or want a loan forgiveness or withdrawal, you can check those options with OSLA.
- The evils of OSLA
- There is no automatic payment discount. Some loan operators, such as Navient, offer an automatic payment discount. This is a win-win, because you get a small discount on your monthly payments and the borrower is paid monthly. But OSLA does not provide this funding.
- Expired user experience. OSLA has a very old website and interface, making it difficult to find everything you need in one place.
An important point
OSLA is a student loan service that manages hundreds of thousands of student loan loans. Although not the only service – or the largest – it can handle borrowing.
If OSLA offers your loan, you can sign up to pay, manage your account and check payment options that best suit your financial situation. But an older website with a better interface means it may take longer to find what you need.
To learn more about the OSLA student loan exemption, OSLA student loan calculator, OSLA student loan number and OSLA online, visit the OSLA website.
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