MN SF1444

Increases the maximum amount of outstanding loans that can be refinanced under Minnesota's student loan refinancing program from $100,000,000 to $125,000,000.

Establishes a higher education bad debt reserve account in the special revenue fund to expand eligibility for the student loan refinancing program by reducing credit score and debt-to-income requirements.

Transfers $5,000,000 from the general fund to the bad debt reserve account in fiscal year 2018 and $5,000,000 in fiscal year 2019.

Allows the commissioner to adjust eligibility criteria if insufficient funds are available in the bad debt reserve account.

Maintains the maximum individual loan amount at $70,000 and clarifies that state money may be used for the loan refinancing program as an exception to the general prohibition on using state funds for student loans.