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Channel-aware assignment of sub-channels to users in the downlink of an OFDMA system demands extensive feedback of channel state information (CSI) to the base station. Since the feedback bandwidth is often very scarce, schemes that limit feedback are necessary. We develop a novel, low feedback splitting-based algorithm for assigning each sub-channel to its best user, i.e., the user with the highest gain for that sub-channel among all users. The key idea behind the algorithm is that, at any time, each user contends for the sub-channel on which it has the largest channel gain among the unallocated sub-channels. Unlike other existing schemes, the algorithm explicitly handles multiple access control aspects associated with the feedback of CSI. A tractable asymptotic analysis of a system with a large number of users helps design the algorithm. It yields 50% to 65% throughput gains compared to an asymptotically optimal one-bit feedback scheme, when the number of users is as small as 10 or as large as 1000. The algorithm is fast and distributed, and scales with the number of users.