IN SB0513

Establishes the Indiana Promise Scholarship program administered by the commission to provide scholarships for students earning associate degrees at state educational institutions or nonprofit independent colleges/universities in Indiana.

Scholarship amounts cover full tuition at state institutions or the average tuition cost at Ivy Tech Community College for private institutions.

Eligibility requires applicants to apply during fall senior year, complete the Free Application for Federal Student Aid by February 1, graduate from an approved secondary school, and enroll in an eligible postsecondary institution no later than the fall semester after graduation.

Scholarship awards are limited to two years and six months maximum, unless extended for medical or personal leave, and recipients must maintain consecutive semester enrollment unless excused.

Creates the Indiana Promise Scholarship Fund consisting of general assembly appropriations, with funds remaining available at fiscal year end and the treasurer investing unused money like other public funds.