{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-623","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-623","heading":"Guaranteeing of loans - Conditions - Rules","body":"A. The Oklahoma State Regents for Higher Education are hereby\n\nauthorized to utilize the Student Educational Assistance Fund and to\n\nadminister the student loan guarantee program under the federal\n\nHigher Education Act of 1965, as amended, for guaranteeing loans\n\nmade by private or public lending institutions to loan guarantee\n\napplicants for the purpose of obtaining financial assistance for\n\nattendance at any participating school, to participate in any other\n\nfederal student loan program and to provide support services for\n\nstudents and others in conjunction with the United States Department\n\nof Education in areas including, but not limited to, default\n\nprevention, financial literacy, financial aid awareness, college\n\naccess and outreach and other areas as permitted or mandated by\n\ncurrent or future federal legislation. The State Regents are\n\nauthorized to provide the student and parent borrower assistance\n\nservices described in this section for any and all federal student\n\nloan programs through contracts and agreements with the United\n\nStates Department of Education or other entities.\n\nB. No loan guaranteed by the State Regents, except as required\n\nby federal regulation, shall require repayment while the student is\n\npursuing at least a half-time course of study on a continuing basis\n\nin a participating school. The rate of interest on the loan shall\n\nbe as established in the Higher Education Act of 1965, as amended.\n\nC. The State Regents are further authorized and empowered to\n\npromulgate rules and procedures with respect to applicant\n\neligibility, terms of loans, repayment agreements and other matters\n\nconsidered appropriate, as will facilitate the program authorized by\n\nthis section and the Higher Education Act of 1965, as amended, and\n\nas will not conflict with the terms hereof. The procedures may\n\ninclude, but not be limited to, entering into agreements with other\n\nfederal loan program participants such as schools, lenders,\n\nservicers, secondary markets, collection agencies, guarantee\n\nagencies, the United States Department of Education and other\n\nentities.\n\nD. 1. A licensing agency shall provide information indexed by\n\nsocial security number to the State Regents when the information is\n\nrequested for use in the default prevention efforts or collection of\n\ndefaulted student loans guaranteed by the State Regents.\n\n2. Any information disclosed under the provision of this\n\nsubsection shall be utilized for the purpose outlined in this\n\nsubsection and shall be held strictly confidential by the State\n\nRegents.\n\n3. No member or employee of any entity who discloses\n\ninformation pursuant to this subsection shall be criminally or\n\ncivilly liable for any error or omission in the disclosure of the\n\ninformation.\n\n4. In addition to other collection methods authorized by law,\n\nthe State Regents may establish and implement programs for\n\nadministrative garnishment and wage withholding, in accordance with\n\napplicable federal laws and regulations, to collect on defaulted\n\nstudent loans.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"97de1d4967f229c59c98c16698d15fd1f5012e3a670e11454835c3d4cf7e4098","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-622","next":"us-ok/okla.-stat.-tit.-70-70-623.1"},"notice":"GroundRules: Original legal text. Not legal advice."}