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InvestED report: $40M in bonds outstanding; committee hears borrower performance and state liability limits
Summary
At the Budget Committee meeting, InvestED’s Joe Wood said InvestED has about $40 million in bonds outstanding and roughly $120 million in loans; he told lawmakers the bonds are the responsibility of Indiana Secondary Market for Education Loans Inc., not the State, and offered additional borrower-credit data on request.
Joe Wood of InvestED briefed the State Budget Committee on the Student Loan Revenue Bond Report on Aug. 6, 2025, answering lawmakers’ questions about bond exposure and borrower performance.
Wood said InvestED has issued bonds since the program’s inception and currently has about $40 million in bonds outstanding and roughly $120 million in outstanding loans. He told the committee the bonds are not the responsibility of the State but are borne by Indiana Secondary Market for Education Loans Inc., an entity connected to InvestED.
Representative Gregory Porter asked for borrower-credit information; Wood said the average credit score for current borrowers is about 760–770 and that the lowest-credit borrowers likely had scores under 670. He said InvestED focuses on access and affordability and offered to supply more detailed credit-score breakdowns and mean values to committee staff.
Why it matters: the committee reviews InvestED because of its relationship to student-loan financing and the contingent exposures associated with revenue bonds. Wood emphasized borrowers are repaying and that the State is not on the hook for the bonds under current structures.
Next steps: Wood offered to provide additional borrower statistics and a mean credit-score figure at the committee’s request.
