ALERT

There are a number of repayment options for Direct Loan borrowers besides the standard ten-year repayment option.  You may possibly qualify for:


Graduated Repayment. This option offers low initial payments that increase over time. This plan will increase the total amount of interest you will be required to pay over the life of your loan compared to the Standard Plan.

Extended Repayment. You may repay your loan on a Standard or Graduated Plan over a term of up to 25 years. To be eligible for this repayment plan, all of your loans  must have  been disbursed on or after October 7, 1998, and you must  have a total outstanding balance exceeding $30,000 on your FFELP loans  and/or $30,000 on your Direct Loans (both loan types must qualify separately).


Other plans, as listed below, are intended to reduce one’s monthly payment and are based on income, family size and other eligibility factors.  The plans may also offer forgiveness options that are dependent upon qualification for the forgiveness.


Income-Based Repayment (IBR). This plan is available for most FFELP and Direct Loans, and payments are based on your adjusted gross income, family size, and total federal student loan debt.  After 20 or 25 years of qualifying payments (depending on the terms of your loans), your federal student loans are forgiven.

Income-Contingent Repayment (ICR). This plan, for Direct Loans only, bases your payments on your adjusted gross income, family size, and total Direct Loan balance. Any loan amount that remains after 25 years of qualifying payments will be forgiven.

Pay As You Earn (PAYE). If you have Direct Loans, this plan bases your payments on your adjusted gross income, family size, and total federal student loan debt.  After 20 years of qualifying payments,your federal student loans are forgiven.

Revised Pay As You Earn (REPAYE). This plan is for Direct Loans only. Your payment amount is based on your adjusted gross income, family size,and total Direct Loan balance. Any undergraduate loan amount that remains after 20 years and any graduate amount that remains after 25y ears of qualifying payments will be forgiven.


Please note, OSLA services two types of student loans. Look at your OSLA account number. If your account number begins with the letter F or number 8 (Example:F800112200), you have a
Direct Loan
. The green login is specifically for Direct Loan borrowers. To register for a new account or to login to an existing account, click the green Continue to Login Page below.

If your Account Number begins with a zero with no alpha characters (Example:012345678), you have a FFELP loan and need to read the
Alert
below.


Alert: If your Account Number begins with a zero with no alpha characters (Example:012345678) you are an Key
FFELP Customer
. Please login to your FFELP account.