Oklahoma § 70-695.7 - Application deadlines — Disbursal of funds — Interest —
Full text of Oklahoma Oklahoma Statutes § 70-695.7 — Application deadlines — Disbursal of funds — Interest —, with citation guidance and answers to common questions.
§ 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
Oklahoma Statutes - Title 70. Schools
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.
Added by Laws 1972, c. 125, § 7, emerg. eff. April 6, 1972. Amended
by Laws 1979, c. 30, § 133, emerg. eff. April 6, 1979; Laws 1987, c.
81, § 5, operative July 1, 1987. Amended by Laws 2024, c. 242, § 5,
eff. Nov. 1, 2024.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 70-695.7
What does Oklahoma Statutes § 70-695.7 cover?
Section 70-695.7 ("Application deadlines — Disbursal of funds — Interest —") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 70-695.7?
A common citation format is "Oklahoma Statutes § 70-695.7" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 70-695.7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.