{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-695.18","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-695.18","heading":"Supplemental loan program","body":"The Oklahoma Student Loan Authority shall establish and operate\n\na supplemental loan program for qualified students who are not\n\neligible for loans under the federally insured student loan program,\n\npursuant to the following:\n\nA. \"Qualified person\" shall be those students enrolled in a\n\nparticipating institution or a biological or adoptive parent of such\n\nstudent who meets the eligibility requirements set by the Oklahoma\n\nStudent Loan Authority.\n\nB. The Authority may enter into agreements with the\n\nCommissioners of the Land Office for funding this loan program or\n\nmay obtain funding through authorized procedures as provided for in\n\nthe Oklahoma Student Loan Act.\n\nC. The Authority may enter into agreements with the State\n\nGuarantee Agency or any nationally recognized guarantor approved by\n\nthe United States Secretary of Education for the insurance of such\n\nloans.\n\nD. The Authority shall collect its loans when due; and, in the\n\nevent of a possible default after due diligence has been performed\n\nto collect on a guaranteed loan, a claim shall be filed with the\n\nState Guarantee Agency for collection under the insurance program,\n\nwhich guarantor shall pay the claim for the Authority, following\n\nwhich it shall take whatever action may be necessary to collect from\n\nthe borrower in order to assure that the State of Oklahoma will not\n\nsuffer any loss in connection with default payments; and if\n\ninsurance of the loan is with a nationally recognized guarantor, the\n\nsame procedure shall apply.\n\nE. The Authority shall establish the rate of interest to be\n\npaid on loans, which shall be paid by the borrowers to the\n\nAuthority, which rate shall be as modest as possible for the benefit\n\nof the student but shall be at sufficient level to assure repayment\n\nof the debt incurred to underwrite the loans and expenses incurred\n\nby the Authority in administration of the program.\n\nF. The Authority shall promulgate rules as may be necessary and\n\nappropriate for the full and effective administration of the loan\n\nprogram provided for in the Oklahoma Student Loan Act, and it shall\n\nbe the sole state agency for providing loans to eligible persons\n\nunder the federal and state student loan programs.\n\nG. As in the case of other trust agencies, the State of\n\nOklahoma is not obligated to support with state-appropriated funds\n\nthe loan program provided for in the Oklahoma Student Loan Act.","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":"4efc233d9ef033eb2e32232d52fc2ce1de8b50115c9190ab31acad577574114c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-695.17","next":"us-ok/okla.-stat.-tit.-70-70-695.19"},"notice":"GroundRules: Original legal text. Not legal advice."}