§ 5-34-1-9 — Repayment agreement

Indiana § 5-34-1-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 34: INDIANA CAREER ACCELERATOR FUND
• Ch. 1: Definitions

Text

(a) INvestED Indiana shall require an individual
who receives an award from the fund to enter into an agreement for
repayment of the award.
(b) An agreement for repayment of an award from the fund is
subject to the following:
(1) The agreement may not require the individual to make
repayments during any period in which the individual is earning
a lower annualized income than the individual earned in the
taxable year immediately preceding the individual's enrollment in
the qualified education program.
(2) The agreement may not require the individual to make
repayments unless the individual is earning an annualized income
that is not less than seventy-five percent (75%) of Indiana median
household income.
(3) The total award repayment amount may not exceed the initial
principal amount of the award.
(4) The recipient of an award may not be charged interest on the
award.
(5) Award repayment installment amounts may not exceed five
percent (5%) of the individual's monthly income. However, the
individual may voluntarily choose to pay more than the repayment
installment amount.

Legislative History

As added by P.L.165-2021, SEC.65.