If you are stuck with your student loan debt or are exhausted by its dues to a point where it gets hard for you to make regular payments, then you must find a solution that can resolve your problems. If you are thinking about refinancing your student loans as a better solution, then you are in the right place to know more about refinancing. This article mainly focuses on OSLA student loan refinancing, but overall, you will be able to understand more about refinancing in detail.
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Student loan refinancing
Refinancing is a process through which the terms and interest rates, along with other features of your existing loans are reconsidered and restructured to meet your current financial situation. It allows you to save money on interests and make payments easier and more manageable. By cutting off a few percentages, you can save some amount throughout the duration of student loan debt repayment.
Borrowers with high-interest rates can refinance student loans and obtain a lower rate leading to saving of money on interests. Furthermore, borrowers can select a long term of repayment to get a lower monthly payment.
Basically, you will be taking a new loan with a lower interest rate. The private servicer will pay off your existing loans and provide you with a new one.
Oklahoma Student Loan Authority(OSLA)
Oklahoma Student Loan Authority or OSLA is a reputable Federal student loan servicer that has over forty years of expertise and has helped different students in managing their student loans as well as repaying it.
It was established by the Oklahoma state as a charitable trust in 1972, however, they have been involved in servicing Federal Direct and Federal Family Education Loans (FFEL) for over one hundred and thirty thousand students borrowers across the country and even it may be your servicer based on the location you're in.
OSLA Student loan refinancing
Refinancing is the process of going for a brand new loan and paying off your existing loan in order to get -
Lower interest rate
Reduced and lower monthly payments
Shorter-term of the loan
Changing from variable-rate to fixed-rate
To get combination advantages
Based on the terms of your original loan and also the new loan, a financed student loan has the chance of getting you help from spending thousands of dollars over the lifespan of the loan. It may assist you with the payment of student loans easier by creating a reduced monthly payment to get a better hold of your amounts.
You may be wondering whether or not the refinancing of your student loan is worthy or if the rate of interest accrued has considerably lowered from the time you took a loan.
Also, a very important thing to keep in mind is that refinancing a federal student loan will remove all the benefits of a federal student loan. It becomes a private student loan, which implies that you are going to be loosing all the valuable advantages like forbearance eligibility and possibility, and plenty of other different services.
If you're not willing to refinance your student loan then get a lower rate by going for consolidation which makes the loan less complicated to handle and it'll be a higher option.
Consolidation may look similar to refinancing however they're totally different. So, it's better to get hold of all the data and choices before getting down with it.
Pros and Cons of OSLA
OSLA being one of the oldest organizations in the loan servicing game has a lot to offer but in order to evaluate if they are the best fit for you, it's better to look at all aspects possible, here is a list of pro's and con's of OSLA to help you get a better understanding.
There are only nine organizations that are listed and approved by the federal government to service the federal student loan among which OSLA is one of them, meeting the necessities.
Multiple ways to pay
OSLA provides heaps of offers to the borrowers like multiple ways to pay and also helps to manage the student loans. Whether or not the payment is being paid by online, mail or through automatic payments, OSLA makes a wide variety of options.
Along with the various standard communication, it provides like fax, phone, and emails. It also communicates through online social media like facebook presence because it felt that almost all of its borrowers are currently active in these platforms.
In each state of affairs, once a client files a complaint against them through the BBB, the OSLA offers a prompt response and aims to clarify it or correct it, maintaining its truthful transparency reputation.
There are certain areas this servicer could improve. Below are some of the carefully listed branches and areas
The OSLA's website is lacking in updates of contents, style, and functionalities. The presently running web site isn't mobile-friendly and makes things exhausting to log in and manage payments of yours on the go.
Complicated web layouts
The OSLA has a pair of totally different websites and a payment system where one is for the loan borrowers and another one for FFEL Loan borrowers. This makes it difficult and frustrating for a student borrower who wishes to search out the data that they are trying to find at a particular time.
Covered contact information
It seems like for some reason, OSLA makes it hard for the borrowers to find their contact data information.
A certain number of borrowers are proud of the client service of OSLA however different clients do criticize the company's customer service as a weaker purpose.
Refinancing your student loans serve as a good solution when you are struggling to make payments towards your student loan due to high-interest rates on the principal. But, when you think wisely you will realize that you should have opted for a better student loan program. Refinancing always helps you when you are into trouble but you can avoid getting into trouble by choosing the best student loans. Anyways if you are already into some issues regarding repayment choose the best company to refinance your student loans to get out those issues.