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IN SB0290
Bill
Status
Introduced
1/9/2017
Primary Sponsor
David Niezgodski
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AI Summary
- Provides annual grant awards of $2,500 to individuals employed full-time in social work, nursing, or teaching in Indiana to assist with student loan repayment.
- Grant eligibility begins in the first month of loan repayment and extends for up to five consecutive years or until the loan is paid in full, whichever comes first.
- Grant amount is prorated based on weeks of full-time employment during each qualifying year, calculated as $2,500 multiplied by (weeks employed ÷ 52).
- Eligible student loans must be qualified education loans under Internal Revenue Code Section 221(d)(1) with proceeds used to fund the individual's education.
- Requires annual appropriation from the state general fund and grants the commission authority to adopt rules for program administration.
Legislative Description
Student loan assistance. Provides an annual grant award of $2,500 to assist an individual with student loan debt for each consecutive year the individual is employed full time in social work, nursing, or teaching in Indiana, not to exceed five years. Specifies that eligibility for a grant award begins on the first month of the first year that an individual is required to start repayment of a student loan, the proceeds of which were used to fund the individual's education. Makes an annual appropriation.
Last Action
First reading: referred to Committee on Appropriations
1/9/2017
Committee Referrals
Appropriations1/9/2017
Full Bill Text
No bill text available