1.1.................... moves to amend the ....... amendment (H2749A8) to H.F. No. 2749
1.2as follows:
1.3Page 1, line 14, after "options" insert "including programs available to lower student
1.4loan payments such as the state student loan refinancing program, federal income-based
1.5repayment options, and federal and state loan forgiveness programs"
1.6Page 1, after line 18, insert:
"1.7Page 10, after line 14, insert:

"1.8    Sec. 14. APPROPRIATION; STUDENT LOAN REFINANCING PROGRAM.
1.9(a) $5,000,000 in fiscal year 2017 is appropriated from the general fund to the
1.10commissioner of higher education for deposit in the loan capital fund under Minnesota
1.11Statutes, section 136A.1785, to provide additional funding for the student loan refinancing
1.12program authorized under Minnesota Statutes, section 136A.1704. The commissioner
1.13shall use the appropriation under this section to expand eligibility criteria for the student
1.14loan refinancing program by reducing the credit score and debt-to-income ratio required to
1.15participate in the program. This appropriation is available until expended.
1.16(b) The commissioner shall report to the legislative committees with jurisdiction
1.17over higher education policy and finance by February 15, 2018, on the use of the additional
1.18funding under this section. The commissioner shall demonstrate:
1.19(1) how the appropriation is being used to allow individuals to refinance their student
1.20loans who otherwise would not have been eligible to refinance their student loans under
1.21the program without the additional funding;
1.22(2) the number of individuals borrowing under the program as a result of the
1.23additional funding; and
1.24(3) the types of student loans taken out and the total dollar amount borrowed as a
1.25result of the additional funding.
""