Okla. Stat. tit. 70, § 70-695.7: Application deadlines — Disbursal of funds — Interest —

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

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.