Applicants least able to provide funds for education;

consideration of principal or interest on bonds; exemption Sec. 12. In determining which applicants are least able to provide funds for the cost of education under section 8 of this chapter, the commission may not consider principal or interest, including an original issue discount that qualifies as interest excludable from gross income for federal income tax purposes, on a bond that is: (1) issued by a: (A) public body corporate and politic of the state; or (B) state educational institution; designated by the governor as a college savings bond and purchased after December 31, 1989; or (2) a United States savings bond purchased after December 31, 1989, if the interest is claimed as exempt from federal taxation under Section 135 of the Internal Revenue Code. [Pre-2007 Higher Education Recodification Citation: 20-12-21-7.1.] As added by P.L.2-2007, SEC.253.