Sec. 9. (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.
As added by P.L.165-2021, SEC.65.