OK HB2644

Amends 70 O.S. 2001, Section 623 to authorize the Oklahoma State Regents for Higher Education to administer the student loan guarantee program under the federal Higher Education Act of 1965, as amended.

Expands the definition of "participating schools" from vocational rehabilitation, vocational education, trade schools, and institutions of higher learning to streamline the language while maintaining eligibility.

Authorizes the State Regents to provide borrower assistance services for federal student loan programs, including default prevention, financial literacy, and college access outreach, through contracts and agreements with the U.S. Department of Education.

Modifies loan interest rate provisions to align with rates established in the Higher Education Act of 1965, as amended, rather than requiring State Regents approval.

Becomes effective July 1, 2010, with an emergency clause declaring it immediately necessary for preservation of public peace, health, and safety.