Lew Wentz Foundation Oklahoma Teacher Debt Forgiveness Loan
Student Recipient Checklist
New Recipients accepted into the program in July must complete steps 1-8 by the last business day of that fall semester.
- Meet with Dr. Sherry Cox (Ellsworth Collings Hall, Room 137 or via zoom) to receive the Lew Wentz Teacher Debt Forgiveness Loan and Private Education Loan Applicant Self-Certification information.
- Complete the formal Lew Wentz Foundation Oklahoma Teacher Debt Forgiveness Loan Agreement (MOU) with the Jeannine Rainbolt College of Education, with Dr. Sherry Cox.
- You will complete the Lew Wentz Teacher Debt Forgiveness Loan Application electronically. You will need to complete the Private Education Loan Applicant Self-Certification forms and upload a copy with the Lew Wentz Teacher Debt Forgiveness electronic loan application.
- You will also need to upload a copy of your co-makers W-2 form with the Lew Wentz Teacher Debt Forgiveness electronic loan application.
- If your cosigner does not have a W-2, the individual tax document (1040, 1040ez, etc.) can be turned in with the Lew Wentz Teacher Debt Forgiveness Loan Application and Private Education Loan Applicant Self-Certification form.
5. Contact the Student Financial Center, sfc@ou.edu , 405.325.9000, if you have questions about the loan application or required documents. The Student Financial Center can assist you with completing and turning in the Lew Wentz Teacher Debt Forgiveness Loan Application and Private Education Loan Applicant Self-Certification form.
- Once you have electronically submitted the application and documents and OU Student Financial Center has determined final eligibility, your loan will be offered on the Financial Tab within the One Portal. You will receive an email at your OU email address that will indicate a change in your financial aid awards and instruct you to go to the Financial Tab within the One Portal to accept your award.
- Once you accept the award, OU Student Loan Services will contact you by email with instructions on how to complete the online promissory note and entrance counseling.
- The co-maker must fully complete both the online promissory note and provide income verification before the loan will be disbursed.
- If your parent co-signs and subsequently applies for and is denied a Federal PLUS loan, your Lew Wentz Teacher Debt Forgiveness Loan may be canceled.
- There is an aggregate maximum of $20,000 in total institutional loans for co-makers
After your first semester in the program:
You must reapply for the loan each year. This will include filing a new FAFSA and meeting with Dr. Sherry Cox in order to determine continued eligibility for the program.
Renewal applications are due by Feb 1. Renewal applicants must complete steps 1-8 by the last business day of the Spring semester.
When students are accepted and opt into the Lew Wentz Debt-Free Teacher Program it is assumed they will remain as an active participant for the duration of their approved degree program.
Continuing Eligibility Requirements are:
- Maintain 3.0 GPA
- Maintain progress toward and completion of teacher preparation program
- Maintain full-time student standing
- Graduate in good standing with the College/University
Graduation semester:
- Provide an alternate email (something other than the OU email) and an updated phone number to contact you at once you have graduated. The email and phone number are very important and will help us stay in communication so we can get the Lew Wentz Debt-Free Teacher Loan paid back off on your behalf once you have graduated and start teaching.
- Schedule and complete an OU Institutional Loans exit Interview (this process is different from your Federal Loans). Watch for an email from OU Student Loan Services.
As a “Debt Free” Graduate you will:
- Submit necessary Proof of Employment and Deferment paperwork by September 1 (January 15 for December graduates) of each applicable academic year verifying employment at an approved Oklahoma school.
- Submit necessary Request for Cancellation paperwork from your principal by May 1 of each applicable academic year verifying employment at an approved Oklahoma school. This will generate the debt repayment for that year of service.
- You will receive notification of payment from the University of Oklahoma Bursar Office.
