Last Friday, Rep. Kim Norton introduced a bill that would allow for the almost one million Minnesotans with student loan debt to refinance their loans like you can a mortgage. Action on student loan debt couldn’t come at a better time, as Minnesota is ranked 5th in the nation in average student loan debt after graduation. In the past ten years, the average debt owed has climbed to over $31,000 per student, and with higher education costs showing no sign of leveling off, action is needed now more than ever.
This bill would expand the existing debt refinancing pilot program and allow for alternative payment plans, or possible debt cancellation if catastrophe strikes a borrower or their co-signer.
The introduction of this legislation is a good first step in addressing the negative effects student loan debt has on the lives of Minnesotans of all walks of life. Add your voice to our petition calling on state leaders to take actions in addition to this important first piece of legislation.
Student loan borrowers deserve to stop simply getting by between payments and start getting ahead.