Student Loan Information
Student Rights and Responsibilities
As a student loan borrower, you have certain rights and responsibilities pertaining to your loan. The primary function of this page is to provide up-to-date information on borrowers' rights, responsibilities, and payment options available for each type of student loan available.
Your Rights as a Borrower:
- You are entitled to receive exit counseling to help you understand your repayment obligation. Your loan is still due without the exit counseling.
- You are entitled to a repayment schedule.
- You have the right to prepay without any penalty.
Your Responsibilities as a Borrower:
- You must provide information about changes in your current name, address, and statuses of your school when you graduate or drop below half-time.
- You must participate in exit counseling.
- You must repay your student loans.
- If you apply for a deferment or forbearance, you should continue to make regular payments until your request has been granted.
Student Loan Services Online Forms
Loan Repayment Terms
- Repayment of your loan begins when the grace period ends.
- Loan payments are due on the first day of each month.
- Monthly payment amount depends on the amount borrowed.
- The repayment period may not exceed 10 years.
- The University of Oklahoma sends monthly statements to loan borrowers. The statements come from a third party vendor, Heartland.ecsi.net. Non-receipt of statements is not a valid defense for nonpayment. It is the responsibility of the borrower to pay the bill.
To review your loan information go to: Heartland.ecsi.net. All monthly loan statements will come from ECSI, OU's third-party vendor. For questions, please contact Student Loan Services at (405) 325-5876 or email us at email@example.com.
Payment Options Available
AutoPay - Features Include:
- Free EFT Service
- Never miss a payment
- No more check writing
- Withdrawn from your bank account at the same time each month
- Payment posted to your loan immediately
Contact us for information on starting the autopay service at (405) 325-5876.
Allow 10 days for OU to receive your forms for processing. An email acknowledgement is sent to let you know that EFT service has been set up for you.
In person Checks or Money Orders
- Checks and Money Orders are accepted by mail and via the Payment Drop Box located in the first floor lobby of Buchanan Hall.
- Make checks and money orders payable to: University of Oklahoma.
- Write the name of the borrower on the check as it is on OU records.
- When you know your Sooner ID number, write that on your check as well.
Check by Phone
- Make a payment over the phone using your checking account.
- You will need your bank's routing number and your checking account number.
- Checks returned for insufficient funds (NSF) are assessed a $25 service fee.
- American Express, Discover, and Mastercard
- To make a credit card payment by phone, please call our Student Loan Service office, M-F: 8 a.m. to 3 p.m. CST (405) 325-5876.
- Credit card regulations prohibit us from storing credit card information. In order to process daily business, we close our credit card machine at 3 p.m. CST.
Types of Loans
When you currently have a Perkins Loan, we invite you to review the following information. Should you need assistance with finding information, please contact us.
Perkins loan is a federally mandated loan with a current interest rate of five percent. The loan is subject to the following provisions:
CANCELLATIONS: You may apply for cancellations, when you are employed in certain sectors of the workforce that provide services to the community. Please contact our office to receive detailed information regarding your profession.
DEFERMENTS: You may defer your loan when you are enrolled at least half time in an eligible school, seeking employment, or having economic hardship.
FORBEARANCE: You may apply for temporary postponement of payment when you are experiencing economic hardship, poor health, or other acceptable reasons. For further information, please contact our office.
SPOTLIGHTS: New Military Deferments as of July 1, 2006
When you were awarded a Federal Perkins Loan, this is to notify you that recent federal legislation has added new military deferments for borrowers. The Master Promissory notes signed after June 30, 2006 contain detailed information about these deferments. When you signed a promissory note prior to then, the information is summarized below.
Effective July 1, 2006, a new military deferment was created, effective for Perkins loans for which the first disbursement was made on or after July 1, 2001. As of July 1, 2006, a qualified borrower may receive a deferment for a period in which he or she met the qualifications after July 1, 2001. The deferment shall not exceed a total of three years and applies only to periods during which borrowers are serving on active duty during a war or other military operations, or national emergency, or performing qualifying National Guard duty during a war or other military operation or national emergency.
Consolidation is refinancing all of your federal student loans into one loan through a private lender. This new loan will have a new interest rate, payment terms, and monthly payments. The following federal student loans are eligible for consolidation: Federal Stafford loans, Federal Direct loans, Federal PLUS loans, Federal SLS loans, Federal Perkins loans, Health Professional Student loans (HPSL) and Nursing School loans (NSL).
You may also be able to consolidate your Institutional Loans, please contact our office for a list of lenders that provide this service. The payment terms of a consolidation loan can make repayment of your student loans much easier financially and much less confusing since you will not have to keep up with several different lenders. However, some of the benefits available in the original student loan may be lost after consolidation. Discuss your options thoroughly with your lender.
To apply for a consolidation loan, contact your Stafford lender. You must also make it a point to tell your lender about your Perkins loan.
Lew Wentz, Robey, Sells, Clark, Kaiser, and Retention Loans
You may defer your loans if you are still attending school at least half-time. For further information about your loan, please contact our office.
All loan activity is reported monthly to three national credit bureaus, listed below. To avoid having your loan reported as past-due and in default to the credit bureaus, be certain to make your payments by the first of each month.
For questions or concerns about your loan payment history, please contact us at (405) 325-5876.
In addition to using OU Legal Council for litigation action, the University of Oklahoma contracts with several national collection agencies to collect our severely past due student loans.
When your loan is seriously past due, it will be accelerated and placed with one of our collection agencies. A collection fee of 25 to 50 percent of your past due balance will also be added to your loan. Interest and collection fees will continue to accrue monthly.
Within two weeks of placement, you will be contacted directly by the collection agency. It is in your best interest to contact the agency as soon as possible to resolve the delinquency on your loan. The collection agencies that we contract are listed below:
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