Refinance Student Loans

Student debt continues to be a major issue for many of Minnesota’s students. A recent report found that Minnesota’s students rank fifth in the nation in total debt burden. This burden continues to be a drag on the larger economy as students struggle to pay off their debt, start their families, and buy their first homes. Several pieces of legislation have been introduced to give our students options for reducing their debt load.

Last year, the Legislature passed a bill allowing the Office of Higher Education (OHE) to develop a program so students with qualifying loans could refinance them through the state. This year, the Legislature will need to vote on final implementation of the plan. If the Legislature approves the final plan, OHE could refinance student loans at a rate as low as 3%.

STATUS:  Awaiting introduction. (No Senate File)

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