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IN HB1328
Bill
Status
1/14/2019
Primary Sponsor
Ryan Dvorak
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AI Summary
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Creates the Indiana Resident Federal Student Loan Repayment Program and Fund, administered by the Commission for Higher Education, with awards available beginning after June 30, 2022
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Applicants must have graduated with a baccalaureate degree from an Indiana state educational institution, have an outstanding federal student loan balance, and have resided continuously in Indiana after graduation
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Residents who stay in Indiana for at least 2 years but less than 5 years after graduation receive 50% of their federal student loan balance repaid; those who stay at least 5 years receive 100% repayment
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Assistance is limited to federal student loans incurred for one baccalaureate degree only, with no coverage for subsequent or additional degrees
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Fund consists of legislative appropriations and gifts/grants, with unused money rolling over each fiscal year rather than reverting to the general fund
Legislative Description
Repayment of federal student loans. Establishes the Indiana resident federal student loan repayment program and fund. Requires the commission for higher education to administer the program. Establishes requirements to qualify for federal student loan repayment assistance.
Last Action
First reading: referred to Committee on Ways and Means
1/14/2019