Statements are sent every month, approximately 21 days prior to your due date. You will receive them via US Postal Service (paper statements) or electronically to your OSLA online account. If you are currently in school, in your grace period, in a deferment, or in a forbearance you will receive your statements on a quarterly basis.
WHY IS MY PAYMENT $0?
If you receive a statement for $0 due, it means you may have paid more than your monthly payment amount in the past to fully cover this month’s payment and no payment is due, or your current repayment plan requires no payment at that time. You can always pay more, without penalty, which will reduce your total cost of borrowing and save you money in the long run.
WHY IS THE AMOUNT DUE DIFFERENT THAN IT USUALLY IS?
Your amount due may be higher than usual if your payment last month did not cover the total amount due, your lower repayment plan has expired, or you are on a plan that increases your payment amount incrementally.
See the payments section on the back of your statement
HOW ARE MY PAYMENTS ALLOCATED?
Unless you direct your payments to an individual loan or loan group, the default allocation method is followed. Payments are allocated first to any past due loan groups. If you do not pay the current amount due, your payment will be allocated across the loan group(s) from most to least delinquent, in proportion to each loan group's regular monthly payment amount, less any amount previously paid until each loan group is at the same level of delinquency or all loan groups are up to date. Once all loan groups are up to date, payments are allocated across loan groups in an active repayment status, in proportion to each loan group's monthly payment amount, less any amount satisfied by extra payment. After your current amount due is satisfied, your payment will be allocated across loan groups in proportion to each loan group's regular monthly payment amount, or in the case of no payment due (if your loans are not in repayment), in proportion to each loan group's accrued interest. Once a portion of your payment is allocated to a specific loan group, payments are applied to individual loans proportionally to interest, and then to principal.
SPECIAL PAYMENT INSTRUCTIONS
You have the option to direct your payments (including partial payments) and/or not advance your due date. Contact us to direct your payment to an individual loan or group of loans, as a one-time or recurring special payment instruction.
Mail: Send instructions (including your account number) using our correspondence address: P.O. Box 18475
Oklahoma City, OK 73154-0475
DO NOT SEND PAYMENTS TO THIS ADDRESS.
Or, submit the special instructions on a separate piece of paper when mailing your payment using the preprinted address on the front side of this coupon. Additionally, you may direct one-time payments to individual loan groups by logging in to Manage My Account and selecting Pay Now. If you want to direct future online payments to an individual loan instead of directing to a loan group, you may request that your loans be ungrouped by contacting us at 866.264.9762.
DETACH THE BOTTOM PORTION OF YOUR STATEMENT AND SUBMIT WITH YOUR PAYMENT
You can send check or money order made payable to the US Department of Education. Please be sure to write your account number on your check or money order. DO NOT SEND CASH. If a check is returned unpaid for non-negotiable funds, it may be re-attempted electronically.