Low-interest student loan program created, rulemaking authorized, and money appropriated.

Summary

The bill establishes the Higher Education Loan Program (HELP) to provide loans up to $5,000 per year at a fixed interest rate of no more than 3% for qualifying Minnesota residents attending public or nonprofit colleges in the state. Eligibility is limited to students whose household income does not exceed 300% of the federal poverty guidelines. Funding includes $17.5 million for FY2026 and $17.5 million for FY2027, plus a one‑time amount for loan‑servicing costs.

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