IN HB1313

Provides annual grant awards of $2,500 to individuals employed full-time in qualifying occupations (social work, nursing, or teaching) in Indiana to assist with student loan repayment.

Grant eligibility begins the first month an individual is required to start repaying a qualified education loan and continues for up to five consecutive years or until the loan is paid in full, whichever comes first.

Grant amounts are prorated based on weeks of full-time employment during each 12-month qualifying year, calculated as $2,500 multiplied by the ratio of weeks worked to 52 weeks.

Individuals must apply annually to the commission for grant approval for each qualifying year they claim benefits.

Makes an open-ended annual appropriation from the state general fund to the commission for administration of the grant program, effective July 1, 2014.