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Positive Changes for Student Loans are Expected

Positive Changes for Student Loans are Expected

Tulsa World

January 04, 2010

“Whether the FFELP program is eliminated or not, the authority will be here,” Davis said, offering services to existing portfolio customers and likely becoming a contract service provider for the U.S. Department of Education. “Some of those loans would be contracted to us. Those loans OSLA would be serving would still be Oklahoma loans and Oklahoma customers.” Student loans

The Oklahoma Student Loan Authority processed 54,608 student loan applications between June 1 and Dec. 8.

In that same time frame in 2008, the authority processed 55,973, a 34 percent increase over the 41,698 that were processed during that same period in 2007.

The authority processes student loans for the majority of colleges and universities that use the Federal Family Education Loan Program. The only oklahoma colleges that participate in direct lending with the U.S. Department of Education are Oklahoma State University and Tulsa Community College.

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From July 1, 2007, to June 30, 2008, the authority originated $323.5 million in student loans, compared with the $262.5 million in loans that were originated from July 1, 2008, to June 30, 2009.

The authority services 131,532 borrowers with 359,456 loans.

In 2007, the authority had 42 banks and credit unions in its lender network. By the end of 2008 the number was 17 and now is down to eight, with the largest being Arvest Bank and BancFirst.

Source: Oklahoma Student Loan Authority

Sara Plummer 581-8465

Originally published by SARA PLUMMER World Staff Writer.

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