Whats OCAP and hows it different from my loan holder?
A. Your loan holder accepts your monthly payment and processes deferment and forbearance requests. The Oklahoma College Assistance Program (OCAP) was the designated agency in Oklahoma that insured (guaranteed) FFELP lenders again default, disability and death of student loan borrowers. Guarantors like OCAP are available to help FFELP borrowers with loan problems, loan forgiveness and loan discharge. If you fail to repay a FFELP loan, the guarantor would purchase the debt from the loan holder and collect the debt on behalf of the U.S. Department of Education.
