Student Rights and Responsibilities
Your loan is a serious legal obligation. It is extremely important that you understand your rights and responsibilities.
1. I understand that I must report any of the following to University of Oklahoma Jeannine Rainbolt College of Education
A. If I withdraw from school, transfer to another school, or drop below full-time status.
B. If my address or telephone number changes.
C. If my parent’s address or telephone number changes.
D. If my name or social security number and or my student ID number changes.
2. When I graduate, withdraw, or drop below full-time status, I must arrange for an Exit Interview with the Office of the Bursar, Student Loan Services (SLS)
3. The status of this loan will be reported to the national credit bureaus for 7 years after the loan is paid-in-full.
4. I will promptly answer correspondence and telephone calls from the Jeannine Rainbolt College of Education, the University of Oklahoma, or Office of the Bursar – Student Loan Services.
5. Interest will accrue at an annual percentage rate as stated in your promissory note on the unpaid principal balance of the loan. It will begin to accrue from the date of each advance. Annual interest is waived
6. The first payment is due four months from the date I cease to be enrolled as a full-time student.
7. The minimum monthly payment is $25.00. If the minimum payment amount will not pay the loan in full within 6 years, the minimum payment will be increased.
8. The loan must be paid in full within 6 years.
9. At any time, I may prepay without penalty all or part of the principal plus accrued interest.
10. Payments are due on the first day of each month.
11. A loan is considered in default if a scheduled payment is not received when due according to the repayment schedule. If deferment or cancellation requests are not received prior to the scheduled payment due date, the loan is considered to be in default.
12. The following are consequences of default:
A. The cosigner of your loan will be notified and required to pay the amount due.
B. You cannot enroll at the University of Oklahoma or obtain a copy of your transcript.
C. The TOTAL principal balance and accrued interest and late charges can become due immediately.
D. The delinquent status of the loan will be reported to national credit bureaus for the borrower and the cosigner.
E. The loan may be assigned to a collection agency and collection costs added to your balance. Collection costs are calculated as a percent of the unpaid loan amount. The percentage can range from 25 to 50 percent.
F. Suit can be authorized and the cost of litigation added to your outstanding charges.
G. Your State income tax refund can be withheld from you.
13. I authorize the Collections staff to contact any school that I may attend to obtain information regarding my student status or current address. This authorization is in effect until my loan is paid-in-full.
14. Principal payments can be deferred while I am
A. A full-time student
B. On full-time active duty as a member of the armed forces (maximum period of deferment is 2 years)
15. To apply for a deferment, I must request a form from the Collections Office, have it completed by the appropriate personnel, and return the form to the Collections Office.
UNIVERSITY OF OKLAHOMA, OFFICE OF THE BURSAR, COLLECTIONS
1000 Asp Ave. Room 208, Norman, OK 73019
(405) 325-5876
