Bill > SF1700

This bill establishes the Higher Education Loan Program (HELP), a low-interest student loan initiative in Minnesota designed to support eligible students attending public or not-for-profit postsecondary institutions in the state. Under the program, students who are Minnesota residents and have a household income at or below 300% of the federal poverty guidelines can receive loans up to $5,000 annually, with a cumulative borrowing limit of $20,000. The loans will feature a fixed interest rate not exceeding 3%, and will be issued based on fund availability. The bill creates a special revenue fund account for the program and appropriates $17,500,000 in both fiscal years 2026 and 2027 from the general fund to support the loans, with up to 3% of the appropriation available for administrative costs. Additionally, the bill allows the commissioner of the Office of Higher Education to contract with an outside servicer to manage the loan program and provides the commissioner authority to adopt rules for implementing the program. The goal is to provide affordable educational financing for lower-income Minnesota students pursuing higher education at in-state institutions.

Education

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1700&ssn=0&y=2025