News From Terre Haute, Indiana

April 22, 2013

Revoked charters could be forgiven $12M in loans

By TOM LoBIANCO
Associated Press

---- — INDIANAPOLIS — Indiana lawmakers are considering forgiving $12 million in loans that “failing” charter schools accepted from the state.

Seven schools whose charters were revoked by Ball State University in January would be absolved of payments along with another school which did not seek to renew its charter. The Indiana Department of Education loaned the money to the schools to help them with startup costs.

The loan forgiveness is included in roughly $80 million the Senate has budgeted to repay loans taken by charter schools.

Senate Appropriations Chairman Luke Kenley said state fiscal analysts are reviewing the eight charter schools to determine if they should have their loans waived. The analysts will have to work quickly because lawmakers plan to wrap up their 2013 session in a few days.

— Associated Press