Student Loan Repayment

Students loan borrowers should always first borrow through the Federal Student Guaranteed Loan Programs (i.e. Stafford and Perkins loans).  Borrowing through these programs (rather than Alternative Student Loans) will often result in lower annual interest rates and will allow for more flexibility in loan repayment options.

The National Student Loan Data System, www.nslds.ed.gov, provides information concerning your student loans (including the amount and the name of the loan servicer(s).  Please note: www.nslds.ed.gov will not provide information concerning any non-federal student loans (such as private student loans).


Federal Stafford Loan Repayment Options 

  • Standard Repayment
  • Extended Repayment
  • Graduated Repayment
  • Income Based Repayment (IBR)
  • Income Contingent Repayment (ICR)
Visit studentaid.ed.gov to learn more about these repayment plans as well as deferment and forbearance options.  To help you decide which repayment option is best for you, studentaid.ed.gov also offers repayment calculators.


Loan Forgiveness and Loan Cancellation
  • Teachers serving in a low income schools are eligible for loan forgiveness and/or loan cancellation. Visit Cancellation/Deferment Options for Teachers to learn more.
  • Public Service Employees   
    • Public Service Employees may have up to 100% of their Federal Perkins loan cancelled. The Perkins Discharge & Cancellation Summary shows which professions are eligible for Perkins loan cancellation and how much can be cancelled. Contact Oklahoma Christian's Perkins Loan servicer, ECSI, to learn if your Perkins loan is eligible for cancellation.
    • Loan Forgiveness for Public Service Employees is available for Federal Stafford and Perkins loan borrowers in certain circumstances after 120 consecutive monthly payments have been made.