Okla. Stat. tit. 70, § 70-4314: Student loans - Loan agreement - Delinquency charge -

Attorney fees - Collection fees.

Notwithstanding the provisions of Title 14A of the Oklahoma

Statutes which otherwise limit enforceable charges for delinquent

payments and collection of delinquent loans which are granted to

students for educational costs while attending accredited

institutions in The Oklahoma State System of Higher Education, as

defined in the Oklahoma Constitution, Article XIII-A, Section 1, the

loan agreement between the lender and the student who is borrowing

to attend such an institution may lawfully provide for the

collection of the following:

1. A delinquency charge on any installment not paid within ten

(10) days after its scheduled due date in an amount not exceeding

the greater of either Five Dollars ($5.00) or five percent (5%) of

the unpaid amount of the installment; and

2. Reasonable attorney's fees and fees paid to collection

agencies by the lender in the event the delinquent loan is referred

to an attorney or a commercial collection agency for collection.

Provided that this section shall apply only to education loans for

which the loan finance charge imposed under the agreement does not

exceed an annual percentage rate of twelve percent (12%) per annum

calculated according to the actuarial method.