{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-695.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-695.7","heading":"Application deadlines — Disbursal of funds — Interest —","body":"Default.\n\nA. The Authority may fix deadlines for the receipt of\n\napplications relative to each academic term.\n\nB. The Authority may disburse to each of the participating\n\ninstitutions funds sufficient only to enable payments to those\n\nparticipating students whose loans have been approved. Any funds\n\nnot so disbursed shall be returned to the Authority by the\n\nparticipating institution. The Authority may also disburse loan\n\nfunds directly to participating students and through institutional\n\nofficials.\n\nC. The Authority shall collect interest payments and interest\n\nsubsidies paid on behalf of the qualified person by the United\n\nStates and shall also collect all interest and principal payments\n\nmade by the student under the terms of his obligation to the Student\n\nLoan Fund. When any person who has received a loan fails to make\n\npayments due in accordance with an executed note, the Authority may\n\ndeclare the full amount of remaining principal and interest due and\n\npayable immediately. In the event of default of payment, the\n\nAuthority shall undertake collection and, in the event of failure to\n\ncollect on a guaranteed loan after such reasonable efforts as are\n\nprescribed by federal regulations, shall file a claim for payment\n\nunder the terms of the federal insurance.\n\nD. The Authority may promulgate such rules and regulations as\n\nshall be deemed necessary and proper to carry out the duties imposed\n\nupon the Authority and any institutional representative under the\n\nprovisions of 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":"9c3ead92419f2db6f2eee5d8f73cc1c06b6dbcd6cc77e46e505394abea7afe44","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-695.6","next":"us-ok/okla.-stat.-tit.-70-70-695.9"},"notice":"GroundRules: Original legal text. Not legal advice."}