STATEHOUSE (April 19, 2017) – Senate Enrolled Act 412, authored by Sen. Eric Koch (R-Bedford), has been signed by Gov. Eric Holcomb after passing the Senate and House of Representatives.
SEA 412 will protect money in a 529 education savings plan from being counted as an asset when applying for certain need-based public assistance programs and scholarships. This will encourage college savings by allowing students and their families to get full financial assistance without a reduction due to their education savings.
“It is important to have policies that encourage students and families to prepare for the financial obligation of higher education,” Koch said. “Allowing families to save while ensuring those dollars aren’t counted against them for other financial aid and public assistance is a common-sense measure that reduces student loan debt and opens access to college for Indiana’s low and moderate income families.”
“It is my goal to give all Hoosiers every opportunity to excel in post-secondary education,” said Kelly Mitchell, Indiana Treasurer of State, whose office oversees Indiana’s 529 education savings plans. “SEA 412 does exactly that, and I commend Sen. Koch and his colleagues for their work.”
The bill passed both chambers with bipartisan support and was recently signed by Gov. Holcomb. More information on SEA 412 can be found here.
Click here for a high-resolution picture of Koch.