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Parent Loan

Home Parent Loan
Low interest rates icon
3.26% to 10.27% APR1

Competitive Interest Rates

With our competitive, fixed interest rates, you never need to worry about your interest rate going up!

The interest rate you pay will be determined after you apply, based on your credit history and other factors like:

  • Credit score
  • Loan term
  • Repayment plan

We will let you know what rate you qualify for if you are approved.

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Examples of rates and repayment terms

Interest Rate Reward

With our great interest rate reward, you could save a 0.25% off your fixed interest rate!

Save Time and Money with Direct Debit!

Direct Debit is a free service that sets up an electronic deduction from your checking or savings account each month. You will qualify for a 0.25% interest rate reduction upon Direct Debit approval.

Program Overview

Loan Information

Helping parents or guardians cover the costs of college is exactly why OK HELP was established.

  • Borrow up to 100% certified cost of attendance (tuition, fees, room, board, books, etc.) up to the aggregate limit of $150,000
  • Minimum loan amount: $1,500
  • No pre-payment penalty
  • No origination or application fees

Loan Eligibility

OK HELP’s Parent Loan is a loan designed specifically for parents or guardians
guardians

Guardians

Anyone who is providing support to a dependent student.
of dependent undergraduate students enrolled or who plan to be enrolled at least half-time in a degree, certificate, or diploma granting program. This loan is meant for:
  • OK residents attending an
    approved school

    Approved School

    Federally-approved educational institution under Title IV of the Higher Education Act of 1965
    in or out of OK
  • Students from TX attending an approved OK school
  • All borrowers must be citizens or permanent residents of the United States
  • Parents or guardians who meet minimum credit requirements

Payment and Terms

  • The minimum monthly payment for an OK HELP Parent Loan is $50.00 a month unless you select the Interest Only repayment plan.
  • You have the option to choose between three terms2 to make repayment fit your needs:
    • 5 years
    • 10 years
    • 15 years

NOTE: The longer your term, the more interest you could pay over the life of the loan.

Examples of rates and repayment terms

Explore

Repayment Plan Options

Immediate Repayment

If you want to get a head start on repaying your loan right away, this is the option to choose since you will:

  • Be eligible for the lowest interest rate available
  • Pay your loan off earlier by making principal and interest payments while your student is in school
  • Pay the least amount of interest over the life of the loan compared to the other repayment plan options
NOTE: Your first payment will be due within 30 to 60 days after the date of your final
disbursement

Disbursement

Disbursement is the transfer of loan funds from a lender to the school.
.

Interest Only

If you want to avoid
interest capitalization

Interest Capitalization

Capitalization is the addition of unpaid interest to the principal balance of a loan. Capitalization of interest results in a higher principal balance and additional finance charges over the course of repayment and may cause your monthly amount to increase.
this is the repayment option for you since you will:
  • Be responsible to pay the accrued interest while your student is enrolled in school
  • Enter repayment with the starting principal balance of the original amount you borrowed
NOTE: Interest payments will begin 30 to 60 days after the loan’s first disbursement. Full payments, which include payments made toward principal and interest, will not begin until 30 to 60 days after the expiration of your
grace period

Grace Period

A grace period is a 6-month period before the first payment on a loan is due. The grace period begins the day after you graduate, leave school, or drop below half-time status and ends the day before repayment begins.
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Four Easy Steps

Application Process Made Easy

1
First

Check your eligibility

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2
Second

Create an account

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3
Third

Tell us about yourself

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Fourth

Submit your application

Helpful Tips

Here is what you need to have ready when filling out your application:

  • Name, address, and telephone number
  • Date of birth and Social Security number
  • Email address
  • Name and location of the school your student plans on attending
  • Annual income
  • Grade level and anticipated graduation date
  • Academic period for which you would like to receive the loan
  • Mobile phone to receive one-time passcode for electronic signature
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Still Have Questions?

Visit the OK HELP’s Parent Loan frequently asked questions for more information.

See Questions

1 Annual Percentage Rate (APR) Calculations: The lowest APR is based on the following assumptions: A loan of $10,000 made in a single disbursement, a borrower who selected an Immediate Repayment Plan, monthly payments of $180.84 for a period of 60 months, a fixed periodic interest rate of 3.51% and total payments of $10,850.68. The borrower in this sample qualified for a 0.25% Direct Debit benefit for the entirety of the repayment period. This APR is an estimate and may differ from the actual rate received.

The highest APR is based on the following assumptions: A loan of $10,000 made in a single disbursement, a borrower who selected an Interest Only Repayment Plan and a repayment term of 180 months, monthly payments of $85.92 for 46 months and monthly payments of $109.36 for the remainder of the repayment term, a fixed periodic interest rate of 10.31% and total payments of $23,637.85. The borrower in this sample did not qualify for any interest rate discounts.

These APRs are estimates and may differ from the actual rate received.

2 Repayment Terms (No interest rate discounts were applied to these examples.):

  • A borrower of a $10,000 loan who selects a 5-year (60 months) repayment term may receive an APR between 3.51% and 9.03%, monthly principal and interest payments between $181.96 and $207.87, and a total amount repaid between $10,917.73 and $15,945.49.
  • A borrower of a $10,000 loan who selects a 10-year (120 months) repayment term may receive an APR between 5.35% and 9.53%, monthly principal and interest payments between $107.83 and $129.73, and a total amount repaid between $12,940.07 and $19,231.82.
  • A borrower of a $10,000 loan who selects a 15-year (180 months) repayment term may receive an APR between 6.10% and 10.27%, monthly principal and interest payments between $84.98 and $109.36, and a total amount repaid between $15,296.60 and $23,637.85.

NOTE: Subject to aggregate loan limits.

OK HELP is a credit-based loan program. Applicants are subject to credit qualifications, completion of an application and credit agreement, and verification of application information. OSLA uses applicants FICO scores to determine eligibility and interest rates. Higher credit scores may mean an applicant is offered a lower interest rate.

OSLA reserves the right to discontinue all programs or benefits without prior notice.

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