MN HF2924

$5,000,000 appropriated from the general fund in fiscal year 2017 to the commissioner of higher education for the student loan refinancing program loan capital fund.

Commissioner shall use funding to expand program eligibility by reducing required credit score and debt-to-income ratio thresholds for participation.

Appropriation is available until expended with no time restriction on use.

Commissioner must report to legislative committees with higher education jurisdiction by February 15, 2018, detailing how the funding expanded eligibility and the number of individuals who benefited.

Report must include number of new borrowers, types of student loans refinanced, and total dollar amount borrowed as a result of the additional funding.