2016 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 12. GENERAL SCHOLARSHIPS AND GRANTS
CHAPTER 15. INFORMATION CONCERNING EDUCATION LOANS
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IC 21-12-15
Chapter 15. Information Concerning Education Loans
IC 21-12-15-1
Applicability
Sec. 1. This chapter applies to an eligible institution that enrolls
students who receive state financial aid administered by the
commission for higher education.
As added by P.L.15-2015, SEC.1.
IC 21-12-15-2
"Education loan"
Sec. 2. As used in this chapter, "education loan" has the meaning
set forth in IC 21-16-1-5.
As added by P.L.15-2015, SEC.1.
IC 21-12-15-3
Student education loan information provided by educational
institution
Sec. 3. (a) An eligible institution that receives education loan
information for a student enrolled in the eligible institution shall
provide to that student the following information:
(1) An estimate of the total amount of education loans taken out
by the student.
(2) An estimate of:
(A) the potential total payoff amount of the education loans
incurred or a range of the total payoff amount; and
(B) monthly repayment amounts that a similarly situated
borrower may incur, including principal and interest, for the
amount of loans the student has taken out at the time the
information is provided.
The information provided under this subdivision may include
a statement that the estimates and ranges provided are general
in nature and not meant as a guarantee or promise of the actual
projected amount.
(3) The percentage of the borrowing limit the student has
reached at the time the information is provided.
(b) An eligible institution shall provide the information required
under subsection (a) annually.
(c) An eligible institution does not incur liability for any
representations made under this section.
As added by P.L.15-2015, SEC.1.
Indiana Code 2016
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