Indiana Student Debt Letter Legislation

Indiana Legislation Recap

Also known as Indiana’s Truth in Borrowing Act or the Indiana Act 1042, Indiana passed student debt letter legislation in April 2015, requiring public and private institutions that disburse state financial aid to annually notify all students with college loans about their existing federal indebtedness.

What information must schools report in order to meet the requirements of the law?

Schools must provide an estimate of:

The total amount of education loans taken out by the student.
The potential total payoff amount of the education loans incurred or a range of the total payoff amount.
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 percentage of the borrowing limit the student has reached at the time the information is provided.

Are there any additional requirements or statements?

No.

Here's how to navigate it

Student debt letters are a great way to help you retain the students you've worked so hard to enroll. But for an already overworked staff, debt letter legislation can feel like just one more area requiring compliance. Our free downloadable resources can help you find your way!

How have your peers tackled student debt letters?

We surveyed schools mandated to send debt letters to learn how they tackled the task.

This summary report shares valuable insight!

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Where does the debt letter data come from?

College Cost Meter uses a school-generated file and NSLDS data that we collect to provide your students with the personalized financial aid details you want them to know. Our high-touch support makes debt letters easy. We'll work with you to:

Create your School College Cost Meter File
Help customize your debt letter to meet your student success goals
Perform a test to ensure it's working great

Download our Quick Guide for Indiana

The Quick Guide for Indiana helps schools navigate the School College Cost Meter File layout. It identifies the fields (in accordance with state requirements) that a school will need to populate in creating their School College Cost Meter File.