|
We pledge to provide students and parents with accurate information and courteous assistance to help them successfully manage repaying student loans.
Welcome to OSLA
The Oklahoma Student Loan Authority (OSLA) performs loan servicing functions under the registered trade name OSLA Student Loan ServicingTM. For 40 years, the not-for-profit OSLA has assisted student loan borrowers by providing the highest level of customer service to educate students as they attend school and guide them during loan repayment.
OSLA was created in 1972 as a public trust by the Oklahoma legislature for the benefit of the State of Oklahoma. We receive no appropriated funds from the State for our operating expenses. We pay all expenses from revenues derived from the administration of our education loan programs. Five trustees are appointed by the governor of Oklahoma, with consent of the Senate, serving overlapping five-year terms.
In addition to servicing Federal Family Education Loan (FFEL) Program loans, OSLA originated loans prior to July 1, 2010; was a secondary market for FFEL loans; and performed origination and servicing of FFEL loans for 44 eligible lenders, members of the OSLA Student Lending Network.
Amazing Customer Service
OSLA employees are experienced in servicing student loans efficiently and accurately. During fiscal year ended 2010, the Authority serviced accounts for approximately 130,000 student loan borrowers. OSLA provides superior customer service to those borrowers with a well-trained staff that averages seven years’ experience servicing student loans. OSLA’s current business practice for FFEL Program loans is to have each inbound call answered by a live customer service representative, rather than a machine. Training, mentoring, quality control, customer surveys and follow-up calls are all tools utilized to ensure that borrowers’ needs are met throughout the life of their loan.
OSLA is available to borrowers via the web at www.OSLA.org, by email, by mail, toll free phone, and onsite meetings. Borrowers can make payments, learn about payment plan options, deferments, forbearances, and borrower benefits from our web site. Additionally, a borrower can call our customer service department and we will explain their options so that they can make the best decisions about managing their student loans.
Default aversion initiatives include increased phone calls, collection letters and specialized letter correspondence. To comply with the US Department of Education (USDE) regulations and guidelines, OSLA employs conscientious follow-up with a helpful approach to the borrower. The quicker attention and communication with the borrower helps them learn their options to avoid going into default and to get back on track. OSLA employs a variety of methods to locate current address and telephone information.
High customer satisfaction is the single most important strength of OSLA and the goal of OSLA’s 56 employees. Borrowers have been surveyed over many years with positive responses. Of the 745 randomly selected student borrowers who responded to the written survey October 1, 2009 to September 30, 2010, 95 percent rated customer satisfaction with OSLA good or excellent.
Commitment to Future Students
OSLA's short-term goal is to become a qualified, not-for-profit, direct loan servicer through the USDE. This will enable OSLA to service loans in the future for Oklahomans and others as assigned by Federal Student Aid. OSLA is devoting optimal time, brainpower, and resources to become a federal contractor with the knowledge that our loan servicing product is exceptional and will continue to benefit families in the future.
Conservative Management Embraces Industry Change
At the end of 2009, OSLA serviced $1.6 billion of student loans as our primary business. OSLA was the 23rd largest FFEL Program loan servicer in the nation, according to the 2010 Servicing Volume Survey by the industry group Student Loan Servicing Alliance, on December 31, 2009. Also, OSLA is the 43rd largest holder of FFEL Program loans in the nation, as noted by the USDE September 30, 2009.
|
