See Your College Dreams to Reality

Borrow Student Loans from the State of Oklahoma

Student loans are a fact of life if you’re in college or planning for college. Few American students can afford to pay for their college education out of pocket. When you are cash-strapped, where should you look for affordable student loans and trustworthy advice and guidance?

Start with the Oklahoma Guaranteed Student Loan Program, a state-sanctioned program that makes it possible to extend the Federal Family Education Loan Program (FFELP) to Oklahoma residents in a timely and affordable manner. The otherwise named “Cash for College” plan aims to educate students and parents at the same time it offers direct access to the number one student loan strategy in the country, the federal student loans.

If You’re an Oklahoma Student or Parent…

Don’t be confused about the student loan process or the products available. Cash is not all equal in value or worth when it comes to college. The types of student loans or financial aid commonly advertised include:

  • Federal student loans, the Direct Federal Loan program or the FFELP
  • Alternative student loans usually made available via state agencies
  • Private, proprietary student loans from commercial lenders

Design your financial aid strategy beginning with the Federal loans, always. Work your way to the private student loans only when necessary.

Types of federal loans:

  • Stafford Loans come in subsidized and unsubsidized to meet the needs of both financially needy students and those without financial need. These are widely available, are not credit-based and provide base level, government funding for both undergrads and grads.
  • Grad PLUS Loans are designed to offer assistance to graduate students whose Stafford Loan borrowing limits have been met. This is a credit-based loan, but if you have poor credit, consider borrowing with a trustworthy co-signor.
  • Parent PLUS Loans are specially designed to offer financial relief for parents with dependent undergraduate children. After all federal aid has been paid out and you’re still staring at a tuition balance then the Parent PLUS kicks in. Borrow with a co-signor if you need to and you may be approved for the remaining balance of your kid’s education costs.

A Word About Alternative Loans

The State of Oklahoma does not back any type of alternative loan, so when you still have unmet financial need AFTER your federal loans have been disbursed, shop carefully for supplemental student loans. Only borrow what you need. Pay out of pocket if possible for education extras, such as computer and textbooks. And be wary of risky interest rates and built-in fees.

For more information on college planning in Oklahoma or finding student loans, visit the Oklahoma Guaranteed Student Loan Program website.