Plain English Breakdown
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HF4431 • 2026
Low-interest student loan program created, rulemaking authorized, and money appropriated.
Low-interest student loan program created, rulemaking authorized, and money appropriated.
Education
Passed Legislature
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Bill History
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2026-03-23
House
Author added Rehrauer
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2026-03-18
House
Introduction and first reading, referred to Higher Education Finance and Policy
Official Summary Text
Low-interest student loan program created, rulemaking authorized, and money appropriated.
Current Bill Text
Read the full stored bill text
A bill for an act relating to higher education; creating a low-interest student loan program; authorizing rulemaking; appropriating money; proposing coding for new law in Minnesota Statutes, chapter 136A. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. new text begin [136A.165] HIGHER EDUCATION LOAN PROGRAM. new text end new text begin Subdivision 1. new text end new text begin Establishment. new text end new text begin The higher education loan program (HELP) is established to provide low-interest loans to eligible students attending eligible Minnesota postsecondary institutions. new text end new text begin Subd. 2. new text end new text begin Loans. new text end new text begin The commissioner shall issue HELP loans to eligible students at a fixed interest rate not to exceed three percent unless another fixed rate is established in law. Loans shall be made based on the availability of funds. A HELP loan must not exceed $5,000 annually. The cumulative amount borrowed by a student under this section shall not exceed $20,000. The commissioner may contract with an outside servicer to implement the loan program in this section. new text end new text begin Subd. 3. new text end new text begin Account established. new text end new text begin A HELP loan account is established in the special revenue fund for the purpose of making loans under this section. Appropriations to the commissioner for purposes of the program are for transfer to the account. Principal and interest repaid to the commissioner shall be deposited in the account. All money in the account, including interest, is appropriated to the commissioner to make loans under this section. Appropriations from the account do not cancel and are available until expended. new text end new text begin Subd. 4. new text end new text begin Eligibility. new text end new text begin A student is eligible for a HELP loan if: new text end new text begin (1) the student is a Minnesota resident; new text end new text begin (2) the student is attending a public or not-for-profit postsecondary institution located in Minnesota that is an eligible institution under section 136A.103; and new text end new text begin (3) the student's household income is less than or equal to 300 percent of the federal poverty guidelines for the student's household size. new text end new text begin Subd. 5. new text end new text begin Rulemaking. new text end new text begin The commissioner may adopt rules to implement the provisions of this section. new text end Sec. 2. new text begin APPROPRIATIONS. new text end new text begin (a) $17,500,000 in fiscal year 2026 and $17,500,000 in fiscal year 2027 are appropriated from the general fund to the commissioner of the Office of Higher Education for deposit in the HELP loan account under Minnesota Statutes, section 136A.165. The commissioner may use up to three percent of this appropriation for administrative costs. new text end new text begin (b) $....... in fiscal year 2026 is appropriated from the general fund to the commissioner of the Office of Higher Education to secure a loan service for the higher education loan program under Minnesota Statutes, section 136A.165. This is a onetime appropriation. new text end