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SF 1700

Low-interest student loan program (HELP) establishment and appropriation

2025-2026 Regular Session Introduced by Rich Draheim and 3 co-sponsors

SF 1700 would create HELP, a state-run, low-interest student loan program to help Minnesota students finance higher education, with initial funding to establish and run it.

Referred to Higher Education
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Bill Summary · SF 1700

Summary of SF 1700 — Low-Interest Student Loan Program (HELP) Establishment and Appropriation

Overview

  • Bill number: SF 1700 (Senate File 1700)
  • Title: Low-interest student loan program (HELP) establishment and appropriation
  • Subject: Education and Education Department, Higher Education
  • Introduced: February 20, 2025
  • Status: Referred to Higher Education (as of introduction)

SF 1700, as indicated by its title, would establish a low-interest student loan program named “HELP” and provide related appropriation funding. The legislative action taken so far is the introduction and referral to the Higher Education committee.

Purpose and intent

  • Create a state-administered program intended to make higher education more affordable by offering student loans at low interest rates.
  • Provide funding necessary to establish and operate the program through a state appropriation.

Key provisions (as introduced)

  • The exact terms, such as eligibility criteria, interest rates, loan limits, repayment terms, and borrower protections, are not included in the summary information provided. The bill’s full text (to be examined in committee) would specify:
    • Who qualifies (e.g., Minnesota residents, enrolled in eligible programs or institutions)
    • Loan terms (interest rate structure, grace periods, repayment schedules)
    • Borrower protections and default provisions
    • Administration and oversight (which state agency administers the program and how it is managed)
    • Funding sources (initial appropriation, ongoing funding, and any trust or revolving fund mechanisms)
    • Reporting, evaluation, and sunset or renewal provisions

Fiscal impact and funding

  • The bill signals an appropriation for establishing and operating the HELP program. Specific amounts, funding streams, and fiscal notes would be detailed in the bill text and any accompanying fiscal statements.

Who would be affected

  • Minnesota students and borrowers seeking higher education financing.
  • Postsecondary institutions participating in or affected by the program.
  • State budget and education agencies responsible for program administration and oversight.

Procedural and timeline aspects

  • Status: Referred to Higher Education (as of introduction).
  • Next steps: The bill would undergo committee hearings and be drafted with detailed provisions, fiscal notes, and potential amendments. If advanced, it could move to a floor vote in the Senate for further action and potential conference considerations with the House.

Additional notes

  • The available information does not include the bill’s full text or specific provisions. Readers should monitor the Higher Education committee hearings and obtain the official bill language for precise details, including eligibility, terms, administration, and fiscal impact.

Compiled from official sources — confirm details with the bill’s official record.

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