Minnesota HF4431 establishes a low-interest student loan program for eligible students.

Minnesota HF4431 creates the Higher Education Loan Program (HELP) to provide low-interest loans to eligible students attending eligible Minnesota postsecondary institutions. The commissioner shall issue HELP loans at a fixed interest rate not to exceed three percent, with a maximum annual loan of $5,000 and a cumulative limit of $20,000. The program is funded by appropriations from the general fund and a onetime appropriation for loan servicing. The commissioner may contract with an outside servicer to implement the program.

Minnesota HF4431 establishes a low-interest student loan program for eligible students.

Minnesota HF4431 creates the Higher Education Loan Program (HELP) to provide low-interest loans to eligible students attending eligible Minnesota postsecondary institutions. The commissioner shall issue HELP loans at a fixed interest rate not to exceed three percent, with a maximum annual loan of $5,000 and a cumulative limit of $20,000. The program is funded by appropriations from the general fund and a onetime appropriation for loan servicing. The commissioner may contract with an outside servicer to implement the program.