MN SF1700

Creates the Higher Education Loan Program (HELP) offering fixed-rate loans at no more than 3% interest to eligible Minnesota students attending public or non-profit postsecondary institutions in the state

Limits loans to $5,000 per year with a $20,000 cumulative maximum per student

Restricts eligibility to Minnesota residents with household income at or below 300% of federal poverty guidelines

Appropriates $17.5 million in fiscal year 2026 and $17.5 million in fiscal year 2027 from the general fund, with up to 3% available for administrative costs

Establishes a revolving HELP loan account in the special revenue fund where principal and interest repayments are deposited and re-appropriated for future loans