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In the Entropic Dynamics (ED) approach the essence of quantum theory lies in its probabilistic nature while the Hilbert space structure plays a secondary and ultimately optional role. The dynamics of probability distributions is driven by the maximization of an entropy subject to constraints that carry the relevant physical information -- directionality, correlations, gauge interactions, etc. The challenge is to identify those constraints and to establish a criterion for how the constraints themselves are updated. In this paper the ED framework is extended to describe a spin-1/2 point particle. In ED spin is neither modelled as a rotating body, nor through the motion of a point particle; it is an epistemic property of the wave function. The constraint that reflects the peculiar rotational properties of spin is most effectively expressed in the language of geometric algebra. The updating of all constraints is carried out in a way that stresses the central importance of symmetry principles. First we identify the appropriate symplectic and metric structures in the phase space of probabilities, their conjugate momenta, and the spin variables. This construction yields a derivation of the Fubini-Study metric for a spin-1/2 particle which highlights its deep connection to information geometry. Then we construct an ED that preserves both the symplectic structure (a Hamiltonian flow) and the metric structure (a Killing flow). We show that generic Hamiltonian-Killing flows are linear in the wave function. Imposing further that the Hamiltonian be the generator of an entropic evolution in time leads to an entropic dynamics described by the Pauli equation. We conclude with a discussion of the new interpretation of the formalism which yields a physical picture that is significantly different from that provided by other interpretations.