Parents are an important component in financing a student’s education. The OPI staff is committed to helping parents and students navigate the financial aid maze. Anytime you have a question, please do not hesitate to call our office at (806) 655-2528, or e-mail us at info@opportunityplan.com. We will be glad to assist you in any way we can.

All OPI loans require a cosigner as a guarantor on the funds. Because OPI is dependant upon the repayment of borrowed money in order to help students in the future, steps must be taken to ensure the money is available to loan down the road. Most often, parents serve as their students’ cosigner.

Before cosigning a note, it is important to understand the responsibilities of a cosigner. If the borrower does not repay the debt, the responsibility to repay the debt will fall to the cosigner. Cosigners should be in a position to repay the debt in the event the borrower does not. In addition to the principal and interest portion of the debt, cosigners may also be responsible for late fees or collection costs incurred by the borrower. Further, late payments affect the credit rating of the borrower and the cosigner.

Any loan greater than $5,000 requires a life insurance policy in the student’s name with a collateral assignment in favor of OPI for the balance of the loan. As the value of the loan increases, OPI’s stake in the policy increases and as the balance decreases, OPI’s stake decreases. This policy protects the cosigner in case of death of the borrower.