Oklahoma § 24-171 - Definitions

§ 24-171. Definitions

As used in the Oklahoma Student Borrower's Bill of Rights Act:

1. "Guarantor" means a nonprofit or state organization that

works with a lender, servicer, school and the U.S. Department of

Education to help students successfully repay certain federal

student loans;

2. "Student loan borrower" means:

a.

any resident of this state who has received or agreed

to pay a student education loan, or

b.

any person who shares responsibility with such

resident for repaying the student education loan;

3. "Student loan servicer" means any person, wherever located,

responsible for the servicing of any student education loan to any

student loan borrower;

4. "Servicing" means:

a.

receiving any scheduled periodic payments from a

student loan borrower pursuant to the terms of a

student education loan,

b.

applying the payments of principal and interest and

such other payments with respect to the amounts

Oklahoma Statutes - Title 24. Debtor and Creditor

received from a student loan borrower, as may be

required pursuant to the terms of a student education

loan, and

c.

performing other administrative services with respect

to a student education loan.

Servicing does not include default aversion efforts provided by

state or nonprofit guaranty agencies as required by their agreement

with the U.S. Department of Education under the Higher Education Act

of 1965; and

5. "Student education loan" means any loan primarily for

personal use to finance education or other school-related expenses.

Added by Laws 2021, c. 272, § 2, eff. Nov. 1, 2021.