Okla. Stat. tit. 70, § 70-695.7
This is the official text of Okla. Stat. tit. 70, § 70-695.7, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Application deadlines — Disbursal of funds — Interest —
Official statutory text
Default.
A. The Authority may fix deadlines for the receipt of
applications relative to each academic term.
B. The Authority may disburse to each of the participating
institutions funds sufficient only to enable payments to those
participating students whose loans have been approved. Any funds
not so disbursed shall be returned to the Authority by the
participating institution. The Authority may also disburse loan
funds directly to participating students and through institutional
officials.
C. The Authority shall collect interest payments and interest
subsidies paid on behalf of the qualified person by the United
States and shall also collect all interest and principal payments
made by the student under the terms of his obligation to the Student
Loan Fund. When any person who has received a loan fails to make
payments due in accordance with an executed note, the Authority may
declare the full amount of remaining principal and interest due and
payable immediately. In the event of default of payment, the
Authority shall undertake collection and, in the event of failure to
collect on a guaranteed loan after such reasonable efforts as are
Oklahoma Statutes - Title 70. Schools Page 1078
prescribed by federal regulations, shall file a claim for payment
under the terms of the federal insurance.
D. The Authority may promulgate such rules and regulations as
shall be deemed necessary and proper to carry out the duties imposed
upon the Authority and any institutional representative under the
provisions of the Oklahoma Student Loan Act.
A. The Authority may fix deadlines for the receipt of
applications relative to each academic term.
B. The Authority may disburse to each of the participating
institutions funds sufficient only to enable payments to those
participating students whose loans have been approved. Any funds
not so disbursed shall be returned to the Authority by the
participating institution. The Authority may also disburse loan
funds directly to participating students and through institutional
officials.
C. The Authority shall collect interest payments and interest
subsidies paid on behalf of the qualified person by the United
States and shall also collect all interest and principal payments
made by the student under the terms of his obligation to the Student
Loan Fund. When any person who has received a loan fails to make
payments due in accordance with an executed note, the Authority may
declare the full amount of remaining principal and interest due and
payable immediately. In the event of default of payment, the
Authority shall undertake collection and, in the event of failure to
collect on a guaranteed loan after such reasonable efforts as are
Oklahoma Statutes - Title 70. Schools Page 1078
prescribed by federal regulations, shall file a claim for payment
under the terms of the federal insurance.
D. The Authority may promulgate such rules and regulations as
shall be deemed necessary and proper to carry out the duties imposed
upon the Authority and any institutional representative under the
provisions of the Oklahoma Student Loan Act.
Status: in_force · Read it on the official government site
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