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HF 2924

as introduced - 89th Legislature (2015 - 2016) Posted on 05/22/2016 12:11pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/10/2016

Current Version - as introduced

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A bill for an act
relating to higher education; appropriating money for the student loan refinancing
program.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin APPROPRIATION; STUDENT LOAN REFINANCING PROGRAM.
new text end

new text begin (a) $5,000,000 in fiscal year 2017 is appropriated from the general fund to the
commissioner of higher education for deposit in the loan capital fund under Minnesota
Statutes, section 136A.1785, to provide additional funding for the student loan refinancing
program authorized under Minnesota Statutes, section 136A.1704. The commissioner
shall use the appropriation under this section to expand eligibility criteria for the student
loan refinancing program by reducing the credit score and debt-to-income ratio required to
participate in the program. This appropriation is available until expended.
new text end

new text begin (b) The commissioner shall report to the legislative committees with jurisdiction
over higher education policy and finance by February 15, 2018, on the use of the additional
funding under this section. The commissioner shall demonstrate:
new text end

new text begin (1) how the appropriation is being used to allow individuals to refinance their student
loans who otherwise would not have been eligible to refinance their student loans under
the program without the additional funding;
new text end

new text begin (2) the number of individuals borrowing under the program as a result of the
additional funding; and
new text end

new text begin (3) the types of student loans taken out and the total dollar amount borrowed as a
result of the additional funding.
new text end