MN SF2648

Establishes a Greater Minnesota Loan Forgiveness Program administered by the commissioner of higher education for individuals working full-time (30+ hours per week) in qualifying positions outside the Twin Cities metropolitan area.

Requires applicants to be Minnesota residents with qualifying student loans, degrees from federally-participating institutions, 12 months of full-time work in Greater Minnesota, and a debt-to-income ratio of at least 0.10.

Provides annual loan forgiveness awards of up to $3,000 per year, or 10 percent of remaining loan balance (whichever is less), with a maximum of five awards per individual across their lifetime.

Prioritizes applicants with at least $5,000 in student loan debt and those in occupations not covered by other state or federal loan forgiveness programs when funds are insufficient.

Appropriates $10,000,000 from the general fund for fiscal year 2017, with up to 3 percent reserved for administrative costs, and requires annual reporting to legislative committees on program participation and outcomes.