Sec. 3. The commission may guarantee loans made by approved lenders upon conditions prescribed by the commission to residents who attend or plan to attend eligible institutions in Indiana or elsewhere, to assist the residents in meeting education expenses. The commission shall guarantee at least one hundred percent (100%) of the principal and interest on the loans. However, the rate of interest on guaranteed loans may not exceed the annual rate of simple interest prescribed for state student loan programs under federal law.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(3).]
As added by P.L.2-2007, SEC.257.
Structure Indiana Code
Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans
Chapter 4. Guaranteed Student Loan Program
21-16-4-1. Eligible Institutions; Approval by the Commission
21-16-4-2. Criteria for Approved Lenders
21-16-4-3. Lender Conditions; Guarantee Percentage; Interest Rate
21-16-4-5. Contracts and Guaranty Agreements
21-16-4-7. Eligible Institution's Qualified Status; Removal; Review
21-16-4-8. Collection of Insurance Premium
21-16-4-9. Administration of Loan Program
21-16-4-10. Eligibility Criteria Violation Procedures
21-16-4-11. Student Loan Program Fund; Administration
21-16-4-14. Default; Procedures
21-16-4-15. Payment on Loss; Subrogation Rights
21-16-4-16. Holder of Guarantee Loans; Duties
21-16-4-17. Dissolution of Loan Program
21-16-4-18. Legal Representation; Attorney General; Private Attorney