All you need to know about OSLA Student Loan
The Oklahoma Student Loan Authority, commonly called OSLA, is a federal student loan servicer. Although OSLA is located in Oklahoma, borrowers need not be based in the state of Oklahoma to have OSLA as their loan servicer.
If you have federal student loans, OSLA might be your assigned student loan servicer from the U.S. Department of Education. This article provides all you need to know about OSLA & OSLA student loan.
What is OSLA and what does it do?
The Oklahoma Student Loan Authority (OSLA) has been servicing loans for over forty years. As a federal student loan servicer, OSLA is a third-party company that handles student loans administered by the federal government. It’s serviced the loans of more than 130,000 borrowers.
If the Department of Education assigns OSLA as your loan servicer, OSLA will handle things like:
#1. Managing payments.
#2. Making sure you’re on the best repayment plan and moving you to one, if necessary.
#3. Explaining deferment and forbearance, if you qualify.
#4. Providing steps towards forgiveness, like Public Service Loan Forgiveness.
Is OSLA a federal student loan?
Although it is common to hear the expression “OSLA student loan”, but OSLA is not a federal student loan, but rather, the company that services your federal student loans. It services federal Direct Loans and FFELP Loans. If you student loan is serviced by OSLA, it may be said that you’re under OSLA student loan.
Federal student loans you can currently borrow include:
#1. Direct Subsidized and Unsubsidized Loans.
#2. Direct PLUS Loans.
#3. Direct Consolidation Loans.
Is OSLA a good loan servicer?
OSLA has been around for decades and has serviced the loans of about 130,000 borrowers. Even though there are loan servicing company’s that have serviced more loans in the U.S, the Better Business Bureau gives OSLA an A+ rating, with 22 customer complaints filed in the last three years, so the vast majority of borrowers are happy with OSLA.
What types of student loans does OSLA service?
OSLA handles two different types of federal loans: Direct Loans and Federal Family Education Loans Program (FFELP) loans. FFELP loans were discontinued in 2010, but if you borrowed one before then, OSLA might be your servicer.
What are OSLA student loan interest rates and fees?
OSLA doesn’t set interest rates on student loans; those decisions are made by Congress and change every year. Your interest rate depends on when you took out your federal student loans and the type of loans you have.
For instance, interest rates on Direct Subsidized Loans for 2016-17 was 3.76 percent. For 2017-18, the rate for the same loans was 4.45 percent.
How do I make my OSLA student loan payments?
If OSLA is your student loan servicer, you’ll need to go to OSLA’s website and sign up with your account information. From there, you’ll be able to log in every month and make payments or sign up for autopay. You can also mail a check to the Department of Education.
Is my loan a Direct or FFEL Loan?
OSLA services two different types of loans and has different logins for each of them. Your account number will tell you what kind of loans you have.
If your account number begins with F or 8 and is followed by eight or nine numbers, you have a Direct Loan and you log in here.
If your account number begins with a 0 and has no alpha letters, you have FFEL loans and you’ll log in here.
Pros and cons of OSLA student loan
Like other student loan servicers, OSLA has its share of perks and downsides. Here’s what to expect from the servicer.
Pros of OSLA student loan
- Most federal loan payment plans available. OSLA services a range of repayment plans, including the standard repayment plan, the extended repayment plan, the graduated repayment plan and income-driven repayment plans.
- Option of automatic payments. You can set up automatic payments every month so you don’t have to worry about logging in by a specific date to make a payment.
- Learn about federal offerings. If you need to put your loans into deferment or forbearance or you’re looking for loan forgiveness or discharge, you can explore those options through OSLA.
Cons of OSLA
- No autopay discount. Some loan servicers, like Navient, offer an autopay discount. This is a win-win, because you get a little bit of a discount on your monthly payments and the loan servicer gets paid every month. But OSLA doesn’t offer this perk.
- Outdated user experience. OSLA has a very old website and interface, making it difficult to find everything you need in one place.
The bottom line
OSLA is a student loan servicer that handles loans for hundreds of thousands of federal student loan borrowers. While it isn’t the only servicer — or the largest — it might handle your loans.
If OSLA services your loans, you can log in to make payments, manage your account and explore repayment options that best fit your financial circumstances. But the old website and interface mean it might take you longer to find what you need.
To learn more about OSLA student loan forgiveness, OSLA student loan calculator, OSLA student loans phone number and OSLA online, visit the OSLA website.