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Frequently Asked Questions (FAQ)
What are our
office phone numbers?
(614) 292-1056 and (800) 635-8944
What is our office address?
Student Loan
Services/Accounts Receivable
The Ohio State University
250 Lincoln Tower
1800 Cannon Drive
Columbus, Oh 43210
What are our
office hours?
8:00 am to 5:00 pm, Monday through Friday.
What is our office email address?
loanservice@osu.edu
What is our office fax number?
(614) 292-1106 OR
(614) 688-5498
When is the payment due date?
All payments are due on the 25th of
the month. Payment must be received in our office
by the 25th for credit for that month.
To whom do I make my check payable?
All checks should be made payable to The
Ohio State University and include your social
security number.
What are penalty charges on our billing
statement?
Penalty charges are the late fees that are assessed when Federal loans
go past due. $1 is assessed at 30 days past due. $2 is assessed at 60
days past due.
What are other charges on our billing
statement?
They may be:
A.
Inhouse collection fees are the collection
costs that are assessed on a loan that goes 90 days past due. $20 per
month is assessed every month until the account is brought current or
placed in deferment.
B. Returned
check charge is the handling charge assessed when your check is returned
for any reason by the bank. The amount is now $25.00.
How often should I file a deferment?
Deferments should be filed at least every year.
What kind of deferments are available?
University
short-term loans: none
University long-term loans: none
Perkins Loans: in school deferments (enrolled
at least halftime); forbearance, unemployment, and economic hardship;
call your loan counselor for more information
Health Professions Loans: in
school deferments (enrolled fulltime); internship/residency; forbearance;
military; call your loan counselor for more information
Nursing loans: forbearance;
military; call your loan counselor for more information
Are there forbearances available?
Yes on Federal loans only. Call your loan counselor.
What if I am experiencing economic hardship?
Available on Perkins loans only. Call your loan counselor.
What if I am unemployed?
Available on Perkins loans only. Call your loan counselor.
Can I consolidate my loans?
Only Federal loans can be consolidated.
I want to consolidate my loans. Is that a good idea?
Keep in mind that only federal loans can be consolidated. If you chose to consolidate it is best to see what guidelines each loan has for this option. The Perkins loans for example, if you chose to consolidate, you waive your ability to get your loan cancelled at a later time. Please do your research before making this financial decision and speak to your loan counselor for additional advice.
Who do I speak to about consolidating my loans?
Speaking with your Loan Counselor will help in the process of deciding if consolidation is the best option for you. By speaking to a counselor, your economic situation will be assessed and advice will be given to you accordingly.
Who is the Lender of my loan(s)?
The lender of your loans can vary. The Ohio State University is the Lender for the Perkins/Health Professions Loan(s) where as a local/national bank can be the lender for the Stafford and AFSA (American Financial Services Association) is the lender for the Direct Loan. This information is outlined in the promissory note and exit interview.
My income each month is not enough for me to make my loan payment and pay the rest of my bills.
You have the ability to defer your federal loans through Economic Hardship or Forbearance. Contact your loan counselor for details (614)292-1056 or toll free (800)635-8944.
I am transferring / have transferred and I have outstanding loans. What can I do?
Federal loans can be deferred as long as you provide proof of part-time or more enrollment status at your new education institution to your Lender (OSU). Also, you must complete the necessary exit interview and submit all the forms required for deferment.
What is a Grace Period? When does grace start?
Grace period is a specific length of time in which the borrower is not required to make federal loan payments after their status has changed or separation from school. A status change occurs when a student drops below the required class load (6 credit hours or more for undergrads, 5 credit hours or more for graduate students), withdraws from school or graduates. Grace periods generally are from six (6) to nine (9) months after separation. To find out the grace period of a specific loan, contact your loan counselor or you can find out your grace period term within your exit interview.
Where do I find the forms for federal loan deferment, forbearance, and/or cancellation?
The forms for federal loan deferment, forbearance, and cancellation can
be found on the Treasurer's Office website at: http://www.treasurer.ohio-state.edu/stud_guards/sls_forms.html.
Click on the link for DOWNLOAD STUDENT LOAN FORMS. This link also provides
a form for permission to release information (gives family members authority
to inquire about your academic/ loan records). This is for federal loans
only. Contact your bank lender for all other loans.
What is a Deferment? How do I get my loan(s) Deferred?
Deferment is defined as a temporary delay in the repayment of a federal
loan. Deferments are offered on a need basis. To see if you qualify, go
to: http://www.treasurer.ohio-state.edu/stud_guards/sls_forms.html
and click on DOWNLOAD STUDENT LOAN FORMS and then the Deferment form link.
This form outlines the eligibility requirements.
I am in the military. Can my loan(s) be deferred?
Military deferment is offered to those students that have qualifying federal loans after July 1, 2001. To check your eligibility, go to: www.ecsi.net/militarydef for details.
How can I get my Federal Perkins loan(s) cancelled?
Cancellation of a federal Perkins loan can be offered to students meeting
cancellation criteria requirements. To see if you qualify, go to: http://www.treasurer.ohio-state.edu/stud_guards/sls_forms.html
Click on DOWNLOAD STUDENT LOAN FORMS and then the Cancellation form link.
This form outlines the eligibility requirements.
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Frequently Asked Questions (FAQ)
