Refinancing student loans in Minnesota

Senator Greg Clausen helped pass legislation this session to give students a new option when paying back borrowed money. The legislation will allow students to refinance their student loans by having the state Office of Higher Education take over their private and federal loans. By refinancing loans, qualified applicants could potentially change their interest rates, payment plans and co-signers.

Sen Clausen: “We know that education is a real economic engine that drives our economy.”

This legislation will give students and their parents who have private loan debt an opportunity to consolidate that into more favorable state-based terms. Senator Terri Bonoff, Chair of the Higher Education and Workforce Development Committee said the legislation is “one tool, and we need to employ every tool we can.”

Senate DFL